Company Registration No. 4171949 (England and Wales)
GLOBAL GLIDING EXPEDITIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
GLOBAL GLIDING EXPEDITIONS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
GLOBAL GLIDING EXPEDITIONS LTD
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
2
164,038
174,969
Current assets
Debtors
3
10,711
51,096
Cash at bank and in hand
1,790
837
12,501
51,933
Creditors: amounts falling due within one year
4
(725)
(700)
Net current assets
11,776
51,233
Total assets less current liabilities
175,814
226,202
Creditors: amounts falling due after more than one year
5
(167,482)
(217,516)
Net assets
8,332
8,686
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
8,331
8,685
Total equity
8,332
8,686
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 2018 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.
GLOBAL GLIDING EXPEDITIONS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 19 December 2018
JD Bally
Director
Company Registration No. 4171949
GLOBAL GLIDING EXPEDITIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
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.
GLOBAL GLIDING EXPEDITIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2017
234,921
Additions
769
At 31 March 2018
235,690
Depreciation and impairment
At 1 April 2017
59,952
Depreciation charged in the year
11,700
At 31 March 2018
71,652
Carrying amount
At 31 March 2018
164,038
At 31 March 2017
174,969
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
10,711
22,400
Other debtors
-
28,696
10,711
51,096
4
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
725
700
5
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
167,482
217,516
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.
GLOBAL GLIDING EXPEDITIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
1
1