Global Office Supplies Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 06973572 (England and Wales)

GLOBAL OFFICE SUPPLIES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Girton

M Keevil

SECRETARY:

M Keevil

REGISTERED OFFICE:

Global House

300 Broadway

Bexleyheath

Kent

DA6 8AH

REGISTERED NUMBER:

06973572 (England and Wales)

FIXED ASSETS

Tangible assets

5

46,120

21,901

CURRENT ASSETS

Debtors

6

581,950

331,206

Prepayments and accrued income

4,015

12,935

Cash at bank

365,514

351,372

951,479

695,513

CREDITORS

Amounts falling due within one year

7

(804,238

)

(548,884

)

NET CURRENT ASSETS

147,241

146,629

TOTAL ASSETS LESS CURRENT LIABILITIES

193,361

168,530

CAPITAL AND RESERVES

Called up share capital

115

110

Share premium

3,495

-

Retained earnings

189,751

168,420

SHAREHOLDERS' FUNDS

193,361

168,530

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 21 June 2018 and were signed on its behalf by:

M Girton - Director

1.	STATUTORY INFORMATION

Global Office Supplies Ltd 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.	STATEMENT OF COMPLIANCE

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.

There are no adjustments on transition to FRS 102 that affect the reported financial performance or position of the company.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts are prepared on a going concern basis, the use of the going concern basis of accounting is

appropriate because there are no material uncertainties related to events or conditions that may cast significant

doubt about the ability of the company to continue as a going concern.

Significant judgements and estimates

The preparation of financial statements requires management to make judgements, estimates and assumptions

about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates

and underlying assumptions are based on historical experience and other factors that are considered to be

relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or

in the period of the revision and future periods if the revision affects both current and future periods.

There are no significant judgements or estimates included within these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulated depreciation and accumulated impairment losses.

Plant & Machinery - 25% reducing balance

Motor vehicles - 25% straight line

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical

cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and

loss reserve.

At each reporting date, fixed assets are reviewed to determine whether there is any indication that those assets

have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower,

the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised

estimate of its recoverable amount, but not in excess of the amount that would have been determined had no

impairment loss been recognised for the asset in prior years. A reversal of an impairment is recognised

immediately in profit or loss.

Trade and other debtors

Trade and other debtors are measured at transaction price less any impairment unless the arrangement

constitutes a financing transaction in which case the transaction is measured at the present value of the future

receipts discounted at the prevailing market rate of interest . Loans are initially measured at fair value and are

subsequently measured at amortised cost using the effective interest method less any impairment.

Trade and other creditors

Trade and other creditors are measured at their transaction price unless the arrangement constitutes a financing

transaction in which case the transaction is measured at present value of future payments discounted at

prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their

transaction costs. They are subsequently measured at amortised cost using the effective interest method.

Cash and cash equivalents

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

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2016

52,664

Additions

41,046

At 31 August 2017

93,710

DEPRECIATION

At 1 September 2016

30,763

Charge for year

16,827

At 31 August 2017

47,590

NET BOOK VALUE

At 31 August 2017

46,120

At 31 August 2016

21,901

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

536,541

310,317

Other debtors

45,409

20,889

581,950

331,206

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

436,922

255,172

Taxation and social security

124,737

112,201

Other creditors

242,579

181,511

804,238

548,884

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date, the directors owed the company £22,748 (2016:£20,889). These amounts were

repaid within 9 months of the year end.

9.	RELATED PARTY DISCLOSURES

During the year, a total of £6,809 (2016: £5,180) was paid to to the directors mothers for cleaning services on a

commercial basis.

During the year the company lent £21,569 (2016: £19,647) and was charged £38,000 (2016:£47,060 ) from

Jobzilla.co.uk Ltd, a company owned by M Girton. At the year end the company owed Jobzilla.co.uk Ltd £25,289

(2016:£1,258).