Company Registration No. 03468685 (England and Wales)
GLOBAL IMPORTS LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2016
GLOBAL IMPORTS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
GLOBAL IMPORTS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 NOVEMBER 2016
30 November 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
9,115
10,723
Current assets
Stocks
122,766
24,083
Debtors
124,466
130,016
Investments
3,000
3,000
Cash at bank and in hand
93,117
43,799
343,349
200,898
Creditors: amounts falling due within one year
(84,914)
(28,331)
Net current assets
258,435
172,567
Total assets less current liabilities
267,550
183,290
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
267,450
183,190
Shareholders' funds
267,550
183,290
For the financial year ended 30 November 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 16 August 2017
V M Vasilios
Director
Company Registration No. 03468685
GLOBAL IMPORTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance
1.5
Investments
Current asset investments are stated at the lower of cost and net realisable value.
2
Fixed assets
Tangible assets
£
Cost
At 1 December 2015 & at 30 November 2016
27,986
Depreciation
At 1 December 2015
17,263
Charge for the year
1,608
At 30 November 2016
18,871
Net book value
At 30 November 2016
9,115
At 30 November 2015
10,723
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary Shares of £1 each
100
100
GLOBAL IMPORTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2016
- 3 -
4
Related party relationships and transactions
Advances and credits
Advances and credits granted to the directors during the year are outlined in the table below:
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Directors loan account
-
8,305
19,797
-
18,787
9,315
8,305
19,797
-
18,787
9,315