Glow Consumer Products UK Limited 31/12/2017 iXBRL

Glow Consumer Products UK Limited 31/12/2017 iXBRL

GLOW CONSUMER PRODUCTS UK LIMITED - Company Information

Print Friendly Version

31/12/2017 2017-12-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2017-01-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 09249619 2017-01-01 2017-12-31 09249619 2017-12-31 09249619 2016-12-31 09249619 2016-01-01 2016-12-31 09249619 2016-12-31 09249619 2015-12-31 09249619 core:FurnitureFittingsToolsEquipment 2017-01-01 2017-12-31 09249619 bus:RegisteredOffice 2017-01-01 2017-12-31 09249619 bus:LeadAgentIfApplicable 2017-01-01 2017-12-31 09249619 bus:Director1 2017-01-01 2017-12-31 09249619 bus:Director2 2017-01-01 2017-12-31 09249619 bus:Director3 2017-01-01 2017-12-31 09249619 bus:Director4 2017-01-01 2017-12-31 09249619 core:FurnitureFittingsToolsEquipment 2016-12-31 09249619 core:FurnitureFittingsToolsEquipment 2017-12-31 09249619 core:WithinOneYear 2017-12-31 09249619 core:WithinOneYear 2016-12-31 09249619 core:RetainedEarningsAccumulatedLosses 2016-01-01 2016-12-31 09249619 core:RetainedEarningsAccumulatedLosses 2017-01-01 2017-12-31 09249619 core:ShareCapital 2017-12-31 09249619 core:ShareCapital 2016-12-31 09249619 core:RetainedEarningsAccumulatedLosses 2017-12-31 09249619 core:RetainedEarningsAccumulatedLosses 2016-12-31 09249619 core:ShareCapital 2015-12-31 09249619 core:RetainedEarningsAccumulatedLosses 2015-12-31 09249619 core:FurnitureFittingsToolsEquipment 2016-12-31 09249619 bus:SmallEntities 2017-01-01 2017-12-31 09249619 bus:AuditExempt-NoAccountantsReport 2017-01-01 2017-12-31 09249619 bus:FullAccounts 2017-01-01 2017-12-31 09249619 bus:SmallCompaniesRegimeForAccounts 2017-01-01 2017-12-31 09249619 bus:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 09249619 1 2017-01-01 2017-12-31
Company registration number: 09249619
Glow Consumer Products UK Limited
Unaudited financial statements
31 December 2017
Glow Consumer Products UK Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Glow Consumer Products UK Limited
Directors and other information
Directors Mr A K Sethi (Resigned 15 May 2017)
Mr I D Andrews
Mr G O Coulter (Appointed 7 June 2017)
Mr G A Jenkins (Appointed 7 June 2017)
Company number 09249619
Registered office 6 Marsh Parade
Newcastle under Lyme
Staffordshire
ST5 1DU
Accountants Hardings
6 Marsh Parade
Newcastle-under-Lyme
Staffordshire
ST5 1DU
Bankers HSBC
26 Clumber Street
Nottingham
NG1 3GA
Glow Consumer Products UK Limited
Statement of financial position
31 December 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 5 117 447
_______ _______
117 447
Current assets
Stocks 401,246 405,304
Debtors 6 476,007 340,993
Cash at bank and in hand 976,968 142,520
_______ _______
1,854,221 888,817
Creditors: amounts falling due
within one year 7 ( 1,083,105) ( 697,812)
_______ _______
Net current assets 771,116 191,005
_______ _______
Total assets less current liabilities 771,233 191,452
_______ _______
Net assets 771,233 191,452
_______ _______
Capital and reserves
Called up share capital 7 7
Profit and loss account 771,226 191,445
_______ _______
Shareholders' funds 771,233 191,452
_______ _______
For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 September 2018 , and are signed on behalf of the board by:
Mr I D Andrews
Director
Company registration number: 09249619
Glow Consumer Products UK Limited
Statement of changes in equity
Year ended 31 December 2017
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2016 7 155,575 155,582
Profit for the year 35,870 35,870
_______ _______ _______
Total comprehensive income for the year - 35,870 35,870
_______ _______ _______
At 31 December 2016 and 1 January 2017 7 191,445 191,452
Profit for the year 579,781 579,781
_______ _______ _______
Total comprehensive income for the year - 579,781 579,781
_______ _______ _______
At 31 December 2017 7 771,226 771,233
_______ _______ _______
Glow Consumer Products UK Limited
Notes to the financial statements
Year ended 31 December 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Marsh Parade, Newcastle under Lyme, Staffordshire, ST5 1DU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2016: 3 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2017 and 31 December 2017 999 999
_______ _______
Depreciation
At 1 January 2017 552 552
Charge for the year 330 330
_______ _______
At 31 December 2017 882 882
_______ _______
Carrying amount
At 31 December 2017 117 117
_______ _______
At 31 December 2016 447 447
_______ _______
6. Debtors
2017 2016
£ £
Trade debtors 446,419 337,398
Other debtors 29,588 3,595
_______ _______
476,007 340,993
_______ _______
7. Creditors: amounts falling due within one year
2017 2016
£ £
Bank loans and overdrafts 178,223 178,223
Trade creditors 614,026 397,683
Corporation tax 147,385 9,050
Social security and other taxes 132,949 108,416
Other creditors 10,522 4,440
_______ _______
1,083,105 697,812
_______ _______
8. Controlling party
Glow International Investments Pty Limited, a company registered in Australia, is considered to be the ultimate controlling party by virtue of its majority shareholding.