ACCOUNTS - Final Accounts preparation

GLOBAL ASSOCIATES NORTH LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueThis company was incorporated on 4 October 2016 and commenced trading on 10 November 2016false2016-10-04Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 10408609 2016-10-03 10408609 2016-10-04 2017-12-31 10408609 2017-12-31 10408609 c:Director4 2016-10-04 2017-12-31 10408609 d:ComputerEquipment 2016-10-04 2017-12-31 10408609 d:ComputerEquipment 2017-12-31 10408609 d:ComputerEquipment d:OwnedOrFreeholdAssets 2016-10-04 2017-12-31 10408609 d:CurrentFinancialInstruments 2017-12-31 10408609 d:CurrentFinancialInstruments d:WithinOneYear 2017-12-31 10408609 d:ShareCapital 2017-12-31 10408609 d:RetainedEarningsAccumulatedLosses 2017-12-31 10408609 c:OrdinaryShareClass1 2016-10-04 2017-12-31 10408609 c:OrdinaryShareClass1 2017-12-31 10408609 c:FRS102 2016-10-04 2017-12-31 10408609 c:AuditExemptWithAccountantsReport 2016-10-04 2017-12-31 10408609 c:FullAccounts 2016-10-04 2017-12-31 10408609 c:PrivateLimitedCompanyLtd 2016-10-04 2017-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10408609

Global Associates North Limited

Unaudited

Financial statements

Information for filing with the registrar

For the period ended 31 December 2017

Global Associates North Limited

Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Global Associates North Limited for the period ended 31 December 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Global Associates North Limited for the period ended 31 December 2017 which comprise the Balance sheet and the related notes from the Company 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 http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the Board of directors of Global Associates North Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Global Associates North Limited and state those matters that we have agreed to state to the Board of directors of Global Associates North Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Global Associates North Limited and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that Global Associates North 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 or loss of Global Associates North Limited. You consider that Global Associates North Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of Global Associates North 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.

Kreston Reeves LLP

Chartered Accountants

Montague Place

Quayside

Chatham Maritime

Chatham

Kent

ME4 4QU

24 May 2018

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Global Associates North Limited

Registered number: 10408609

Balance sheet

As at 31 December 2017

		2017
Note		£

Fixed assets
Tangible assets	4		791
			791
Current assets
Stocks	5	10,000
Debtors: amounts falling due within one year	6	247,927
Cash at bank and in hand		3,325
		261,252
Creditors: amounts falling due within one year	7	(200,334)
Net current assets			60,918
Total assets less current liabilities			61,709

Net assets			61,709

Capital and reserves
Called up share capital			100,000
Profit and loss account			(38,291)
			61,709

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 May 2018.

Mr P R Wetherfield

Director

The notes on pages 3 to 7 form part of these financial statements.

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Global Associates North Limited

Notes to the financial statements

For the period ended 31 December 2017

1.	General information

Global Associates North Limited is a limited liability company incorporated in England, company registration number 10408609. The address of the registered office and principal place of business is Global Associates, 940 Innovation Building Popjack Road, Kent Science Park, Sittingbourne, Kent, England ME9 8HL.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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Global Associates North Limited

Notes to the financial statements

For the period ended 31 December 2017

2.Accounting policies (continued)

2.3

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment

33%

straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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Global Associates North Limited

Notes to the financial statements

For the period ended 31 December 2017

2.Accounting policies (continued)

2.7

Financial instruments (continued)

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.11

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

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Global Associates North Limited

Notes to the financial statements

For the period ended 31 December 2017

2.Accounting policies (continued)

2.12

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the period in which they are incurred.

Employees

The average monthly number of employees, including directors, during the period was 4.

4.	Tangible fixed assets

		Computer equipment
		£
	Cost or valuation
	Additions	859
	At 31 December 2017	859
	Depreciation
	Charge for the period on owned assets	68
	At 31 December 2017	68
	Net book value
	At 31 December 2017	791

5.	Stocks
		2017
		£

	Work in progress (goods to be sold)	10,000
		10,000

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Global Associates North Limited

Notes to the financial statements

For the period ended 31 December 2017

Debtors

					2017
					£


	Trade debtors	238,086
	Other debtors	4,246
	Prepayments and accrued income	5,595
		247,927

7.	Creditors: Amounts falling due within one year
		2017
		£

	Bank overdrafts	38,665
	Trade creditors	118,424
	Other taxation and social security	21,121
	Other creditors	2,094
	Accruals and deferred income	20,030
		200,334

8.	Share capital
		2017
		£

		Allotted, called up and fully paid

		100,000 A Ordinary shares of £1 each	100,000

During the period, 100,000 A Ordinary shares were issued at par.

9.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £6,300. Contributions totalling £1,025 were payable to the fund at the balance sheet date and are included in creditors.

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