Registration number:
Global VIP Limited
for the Year Ended 31 October 2021
Global VIP Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Global VIP Limited
Company Information
Director |
Mr Michael Kane |
Registered office |
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Accountants |
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Global VIP Limited
(Registration number: 05201569)
Balance Sheet as at 31 October 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Retained earnings |
(145,543) |
(135,308) |
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Shareholders' deficit |
(145,541) |
(135,306) |
For the financial year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Global VIP Limited
Statement of Changes in Equity for the Year Ended 31 October 2021
Share capital |
Retained earnings |
Total |
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At 1 November 2020 |
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( |
( |
Loss for the year |
- |
( |
( |
At 31 October 2021 |
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( |
( |
Share capital |
Profit and loss account |
Total |
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At 1 November 2019 |
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( |
( |
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 October 2020 |
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( |
( |
Global VIP Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture and Fixtures |
25% Reducing Balance |
Office Equipment |
25% Reducing Balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Global VIP Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Global VIP Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021
Financial instruments
Classification
Recognition and measurement
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.
Impairment
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Global VIP Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 November 2020 |
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At 31 October 2021 |
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Depreciation |
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At 1 November 2020 |
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Charge for the year |
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At 31 October 2021 |
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Carrying amount |
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At 31 October 2021 |
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At 31 October 2020 |
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Stocks |
2021 |
2020 |
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Other inventories |
- |
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Debtors |
Current |
2021 |
2020 |
Trade debtors |
- |
- |
Global VIP Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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- |
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Taxation and social security |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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2 |
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2 |