Company Registration No. 4171949 (England and Wales)
GLOBAL GLIDING EXPEDITIONS LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
GLOBAL GLIDING EXPEDITIONS LTD
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
68,450
73,809
Current assets
Debtors
4,000
22,000
Cash at bank and in hand
26,012
16,892
30,012
38,892
Creditors: amounts falling due within one year
(1,364)
(650)
Net current assets
28,648
38,242
Total assets less current liabilities
97,098
112,051
Creditors: amounts falling due after more than one year
(89,521)
(81,261)
7,577
30,790
Capital and reserves
Called up share capital
3
1
1
Profit and loss account
7,576
30,789
Shareholders' funds
7,577
30,790
For the financial year ended 31 March 2015 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 and authorised for issue on 9 December 2015
JD Bally
Director
Company Registration No. 4171949
GLOBAL GLIDING EXPEDITIONS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.
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 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:
Gliders
Glider 5%, helicopter 10%, per annum straight line basis
Office equipment
at 25% per annum straight line basis
1.5
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2014 & at 31 March 2015
114,385
Depreciation
At 1 April 2014
40,576
Charge for the year
5,359
At 31 March 2015
45,935
Net book value
At 31 March 2015
68,450
At 31 March 2014
73,809
GLOBAL GLIDING EXPEDITIONS LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 3 -
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
1 Ordinary of £1 each
1
1