Company Registration No. 4171949 (England and Wales)
GLOBAL GLIDING EXPEDITIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
GLOBAL GLIDING EXPEDITIONS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
GLOBAL GLIDING EXPEDITIONS LTD
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
279,536
290,572
Current assets
Cash at bank and in hand
14,023
9,631
Creditors: amounts falling due within one year
4
(1,690)
(850)
Net current assets
12,333
8,781
Total assets less current liabilities
291,869
299,353
Creditors: amounts falling due after more than one year
5
(243,656)
(235,710)
Net assets
48,213
63,643
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
48,212
63,642
Total equity
48,213
63,643
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 9 December 2020
JD Bally
Director
Company Registration No. 4171949
GLOBAL GLIDING EXPEDITIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information
Global Gliding Expeditions Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Ty Maesawyr, Rhosgoch, Builth Wells, Powys, LD2 3JY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Gliders
at 5% per annum straight line basis
Office equipment
at 25% per annum straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1
(2019 - 1).
GLOBAL GLIDING EXPEDITIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2019
342,807
Additions
4,148
Disposals
(8,696)
At 31 March 2020
338,259
Depreciation and impairment
At 1 April 2019
52,235
Depreciation charged in the year
15,184
Eliminated in respect of disposals
(8,696)
At 31 March 2020
58,723
Carrying amount
At 31 March 2020
279,536
At 31 March 2019
290,572
4
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
1,690
850
5
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
243,656
235,710
The above unsecured director's loan account is interest free and there are no formal terms for repayment other than there being a minimum notice period of 366 days.
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1