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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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GLOBAL REPAIRS LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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FOR |
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GLOBAL REPAIRS LIMITED |
GLOBAL REPAIRS LIMITED (REGISTERED NUMBER: 03904947) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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GLOBAL REPAIRS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
First Floor, Winston House |
349 Regents Park Road |
London |
N3 1DH |
GLOBAL REPAIRS LIMITED (REGISTERED NUMBER: 03904947) |
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BALANCE SHEET |
31 MARCH 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CREDITORS |
Amounts falling due after more than one year | 8 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Profit and loss account | ( |
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( |
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GLOBAL REPAIRS LIMITED (REGISTERED NUMBER: 03904947) |
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BALANCE SHEET - continued |
31 MARCH 2017 |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and loss has not been delivered. |
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The financial statements were approved by the Board of Directors on
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GLOBAL REPAIRS LIMITED (REGISTERED NUMBER: 03904947) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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1. | STATUTORY INFORMATION |
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Global Repairs Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Goodwill |
Goodwill, being the amount paid in connection with the acquisition of businesses in 2012 for £180,000 and in |
2015 for £43,000, is being amortised evenly over their estimated useful lives of ten years. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Financial instruments |
The Company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other debtors and creditors. |
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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 impairment is found, an impairment loss is recognised in profit or |
loss. |
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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 or settle the liability simultaneously. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss, except to the |
extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
GLOBAL REPAIRS LIMITED (REGISTERED NUMBER: 03904947) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company costs charged in the financial statements represents personal pension contribution made |
on behalf of the company's employees together with the company's obligations under Workplace Pension Reform |
following the staging date which arose during the year. |
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Going concern |
At balance sheet date the company had an excess of liabilities over assets of £50,466 (2016 - £64,112). As |
reported in the previous year's financial statements, the company acquired the business of Finchley Washing |
Machine Repairs on 30 April 2015 with the hope that the added market that this acquisition brought would assist |
the company in expanding its operations and becoming profitable. The positive results achieved this year are a |
vindication of this decision and the directors remain confident that this improvement will continue and completely |
reverse the adverse position the company finds itself in. To this end the directors continue to support the |
company by way of interest free loans with no fixed term of repayment and, on this basis, they consider it |
appropriate to prepare the accounts on a going concern basis. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 April 2016 |
and 31 March 2017 |
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AMORTISATION |
At 1 April 2016 |
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Charge for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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GLOBAL REPAIRS LIMITED (REGISTERED NUMBER: 03904947) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2016 |
and 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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GLOBAL REPAIRS LIMITED (REGISTERED NUMBER: 03904947) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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9. | RELATED PARTY DISCLOSURES |
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The company's two directors, Mr M Reeves and Mr C Reeves, are directors in the company Global Domestic |
Appliances Limited. |
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The company trades with this company at trade prices. Trading during the year was as follows: |
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Sales to Global Domestic Appliances Limited - £9,131 (2016 - £7,394) |
Purchases from Global Domestic Appliances Limited - £178,927 (2016 - £89,883) |
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The above amounts are all net of VAT. |
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At balance sheet date the following amounts (including VAT) were owed in respect of the above: |
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Owed by Global Domestic Appliances Limited - £2,881 (2016 - £2,737) |
Owed to Global Domestic Appliances Limited - £56,875 (2016 - £89,736) |
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In addition Global Domestic Appliances Limited shares its premises and provides support to Global Repairs |
Limited. For this service Global Repairs Repairs paid a management fee of £22,000 (2016 - £24,000) |
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The company's directors have provided interest free loans to the company. The amounts outstanding on the loans |
at balance sheet date were: |
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C Reeves £102,475 (2016 - £102,475) |
M Reeves £99,610 (2016 - £99,610) |
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There is no stipulation as to repayment of the loans. |
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10. | FIRST YEAR ADOPTION |
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There were no significant changes for the company as a result of the transition to FRS 102 Section 1A. |
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