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Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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Global 1st Ltd |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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Global 1st Ltd |
Global 1st Ltd (Registered number: 07484827) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Global 1st Ltd |
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Company Information |
for the Year Ended 31 March 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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32 Totternhoe Close |
Kenton |
Harrow |
Middlesex |
HA3 0HS |
Global 1st Ltd (Registered number: 07484827) |
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Statement of Financial Position |
31 March 2020 |
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31.3.20 | 31.3.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Global 1st Ltd (Registered number: 07484827) |
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Statement of Financial Position - continued |
31 March 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Global 1st Ltd (Registered number: 07484827) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Global 1st Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Income |
Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. |
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Tangible fixed assets |
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Computer equipment | - |
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Inventories |
Inventories are valued at the lower of cost and estimated selling price less costs to sell. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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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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Global 1st Ltd (Registered number: 07484827) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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4. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | STOCKS |
31.3.20 | 31.3.19 |
£ | £ |
Finished goods |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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VAT |
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Prepayments |
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Global 1st Ltd (Registered number: 07484827) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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Other loans | 48,779 | - |
Directors' current accounts | 91 | 7,681 |
Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Directors' loan accounts | - | 15,000 |
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9. | LEASING AGREEMENTS |
The company has a total of £57,000 committed under a non-cancellable operating lease expiring on 31 .March 2022. |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.3.20 | 31.3.19 |
£ | £ |
Amazon Loan | 24,000 | - |
Paypal Loan | 24,779 | - |
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The Amazon loan is secured by way of a floating charge on all present and future assets of the company. |
The Paypal loan is secured against future receivables via the company Paypal account. |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.20 | 31.3.19 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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12. | OTHER FINANCIAL COMMITMENTS |
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As at the balance sheet date the company owed £16,549 to Clearbanc who has provided the company with a pre-loaded credit card to the value to £29,000. |
Global 1st Ltd (Registered number: 07484827) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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13. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Global 1st Holdings Ltd. |