ACCOUNTS - Final Accounts

GLOBAL INSTRUMENTATION 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.truetrueNo description of principal activityfalse2017-01-01 03589504 2017-01-01 2017-12-31 03589504 2016-01-01 2016-12-31 03589504 2017-12-31 03589504 2016-12-31 03589504 1 2017-01-01 2017-12-31 03589504 d:Director5 2017-01-01 2017-12-31 03589504 e:FurnitureFittings 2017-01-01 2017-12-31 03589504 e:FurnitureFittings 2017-12-31 03589504 e:FurnitureFittings 2016-12-31 03589504 e:FurnitureFittings e:OwnedOrFreeholdAssets 2017-01-01 2017-12-31 03589504 e:ComputerEquipment 2017-01-01 2017-12-31 03589504 e:ComputerEquipment 2017-12-31 03589504 e:ComputerEquipment 2016-12-31 03589504 e:ComputerEquipment e:OwnedOrFreeholdAssets 2017-01-01 2017-12-31 03589504 e:OwnedOrFreeholdAssets 2017-01-01 2017-12-31 03589504 e:CurrentFinancialInstruments 2017-12-31 03589504 e:CurrentFinancialInstruments 2016-12-31 03589504 e:Non-currentFinancialInstruments 2017-12-31 03589504 e:Non-currentFinancialInstruments 2016-12-31 03589504 e:CurrentFinancialInstruments e:WithinOneYear 2017-12-31 03589504 e:CurrentFinancialInstruments e:WithinOneYear 2016-12-31 03589504 e:UKTax 2017-01-01 2017-12-31 03589504 e:UKTax 2016-01-01 2016-12-31 03589504 e:ShareCapital 2017-12-31 03589504 e:ShareCapital 2016-12-31 03589504 e:CapitalRedemptionReserve 2017-12-31 03589504 e:CapitalRedemptionReserve 2016-12-31 03589504 e:RetainedEarningsAccumulatedLosses 2017-12-31 03589504 e:RetainedEarningsAccumulatedLosses 2016-12-31 03589504 e:AcceleratedTaxDepreciationDeferredTax 2017-12-31 03589504 e:AcceleratedTaxDepreciationDeferredTax 2016-12-31 03589504 d:OrdinaryShareClass1 2017-01-01 2017-12-31 03589504 d:OrdinaryShareClass1 2017-12-31 03589504 d:OrdinaryShareClass2 2017-01-01 2017-12-31 03589504 d:OrdinaryShareClass2 2017-12-31 03589504 d:OrdinaryShareClass3 2017-01-01 2017-12-31 03589504 d:OrdinaryShareClass3 2017-12-31 03589504 d:FRS102 2017-01-01 2017-12-31 03589504 d:AuditExemptWithAccountantsReport 2017-01-01 2017-12-31 03589504 d:FullAccounts 2017-01-01 2017-12-31 03589504 d:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 03589504 e:Subsidiary1 2017-01-01 2017-12-31 03589504 e:Subsidiary1 1 2017-01-01 2017-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03589504

Global Instrumentation Limited

Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2017

Global Instrumentation Limited

Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Global Instrumentation Limited for the Year 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 Instrumentation Limited for the year 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 Instrumentation 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 Instrumentation Limited and state those matters that we have agreed to state to the Board of Directors of Global Instrumentation 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 Instrumentation Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Global Instrumentation 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 Instrumentation Limited. You consider that Global Instrumentation Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Global Instrumentation 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 Instrumentation Limited

Registered number: 03589504

Balance Sheet

As at 31 December 2017

		2017		2016
Note		£		£

Fixed assets
Tangible assets	5		9,890		10,545
Investments	6		80,000		80,000
			89,890		90,545
Current assets
Stocks		25,240		25,000
Debtors: amounts falling due within one year	7	1,594,444		644,804
Cash at bank and in hand		83,438		911,619
		1,703,122		1,581,423
Creditors: amounts falling due within one year	8	(1,203,777)		(1,067,041)
Net current assets			499,345		514,382
Provisions for liabilities
Deferred tax	9	(1,879)		(2,109)
			(1,879)		(2,109)
Net assets			587,356		602,818

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Global Instrumentation Limited

Registered number: 03589504

Balance Sheet (continued)

As at 31 December 2017

	2017	2016
Note	£	£

Capital and reserves
Called up share capital	10	338,921	338,921
Capital redemption reserve		76	76
Profit and loss account		248,359	263,821
		587,356	602,818

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 year 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 4 to 12 form part of these financial statements.

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Global Instrumentation Limited

Notes to the Financial Statements

For the Year Ended 31 December 2017

1.	General information

Global Instrumentation Limited is a limited liability company incorporated in England, company registration number 03589504. 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

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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

Turnover 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 turnover 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 Instrumentation Limited

Notes to the Financial Statements

For the Year 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:

				Fixtures & fittings	-	20%	straight line
				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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.5

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.

2.6

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.

2.7

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.

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Global Instrumentation Limited

Notes to the Financial Statements

For the Year Ended 31 December 2017

2.Accounting policies (continued)

2.8

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.

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.

2.9

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.

2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.

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Global Instrumentation Limited

Notes to the Financial Statements

For the Year Ended 31 December 2017

2.Accounting policies (continued)

2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

2.12

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.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 January 2016 to continue to be charged over the period to the first market rent review rather than the term of the lease.

2.13

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.

2.14

Interest income

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

2.15

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

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Global Instrumentation Limited

Notes to the Financial Statements

For the Year Ended 31 December 2017

2.Accounting policies (continued)

2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.18

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Employees

The average monthly number of employees, including directors, during the year was 25 (2016 - 19).

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Global Instrumentation Limited

Notes to the Financial Statements

For the Year Ended 31 December 2017

4.	Taxation

		2017	2016
		£	£

Corporation tax
Current tax on profits for the year	2,310	17,252
	2,310	17,252

Total current tax	2,310	17,252

Deferred tax
Origination and reversal of timing differences	(230)	1,963
Total deferred tax	(230)	1,963


	Taxation on profit on ordinary activities	2,080	19,215

Factors affecting tax charge for the year
The tax assessed for the year is lower than (2016 - lower than) the standard rate of corporation tax in the UK of 19.2466% (2016 - 20%). The differences are explained below:
	2017	2016
	£	£

Profit on ordinary activities before tax

346,375

393,873

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.2466% (2016 - 20%)	66,665	78,775
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	3,723	6,044
Other timing differences leading to an increase (decrease) in taxation	(103)	-
Changes in provisions leading to an increase (decrease) in the tax charge	422	117
Other differences leading to an increase (decrease) in the tax charge	(61,544)	(65,721)
Group relief	(7,083)	-
Total tax charge for the year	2,080	19,215

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 9

Global Instrumentation Limited

Notes to the Financial Statements

For the Year Ended 31 December 2017

5.	Tangible fixed assets

	Fixtures & fittings	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 January 2017	8,095	7,271	15,366
Additions	-	2,873	2,873
At 31 December 2017	8,095	10,144	18,239
Depreciation
At 1 January 2017	270	4,551	4,821
Charge for the year on owned assets	1,619	1,909	3,528
At 31 December 2017	1,889	6,460	8,349
Net book value
At 31 December 2017	6,206	3,684	9,890
At 31 December 2016	7,825	2,720	10,545

6.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2017	80,000
	At 31 December 2017	80,000

	Net book value
	At 31 December 2017	80,000
	At 31 December 2016	80,000

Page 10

Global Instrumentation Limited

Notes to the Financial Statements

For the Year Ended 31 December 2017

6.Fixed asset investments (continued)

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding	Principal activity

Global Associates North Limited

Ordinary A

80%

Instrument maintenance, design and implementation

The aggregate of the share capital and reserves as at 31 December 2017 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
	Aggregate of share capital and reserves	Profit/(loss)
	£	£

	Global Associates North Limited	61,709	(38,291)
		61,709	(38,291)

Debtors

					2017	2016
					£	£


Trade debtors	1,477,866	579,419
Amounts owed by group undertakings	21,856	1,978
Other debtors	45,751	33,807
Prepayments and accrued income	48,971	29,600
	1,594,444	644,804

8.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Bank overdrafts	-	1,806
Trade creditors	907,782	680,508
Corporation tax	2,310	17,252
Other taxation and social security	144,596	112,259
Other creditors	26,561	108,302
Accruals and deferred income	122,528	146,914
	1,203,777	1,067,041

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Global Instrumentation Limited

Notes to the Financial Statements

For the Year Ended 31 December 2017

9.	Deferred taxation

		2017
		£

	At beginning of year	(2,109)
	Charged to profit or loss	230
	At end of year	(1,879)

The provision for deferred taxation is made up as follows:
	2017	2016
	£	£

	Accelerated capital allowances	(1,879)	(2,109)
	Accelerated capital allowances	(1,879)	(2,109)

10.	Share capital
		2017	2016
		£	£

Allotted, called up and fully paid

33,876,541 Ordinary A shares shares of £0.01 each	338,765	338,765
15,600 Ordinary B shares shares of £0.01 each	156	156
1 Ordinary C shares share of £0.01	-	-

	338,921	338,921

11.	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 £36,179 (2016 - £31,385). Contributions totalling £6,381 (2016 - £4,186) were payable to the fund at the balance sheet date and are included in creditors.

12.	Related party transactions
	During the year the company paid dividends to the shareholders of the company totalling £359,757 (PY: £110,250). All other transactions with related parties that arose during the current and prior years, including any directors' remuneration payable, were done so under normal market conditions.

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