Registered number:
UNAUDITED
FOR THE YEAR ENDED 31 DECEMBER 2016
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GLOBAL HALAL (HOLDINGS) LIMITED
COMPANY INFORMATION
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GLOBAL HALAL (HOLDINGS) LIMITED
CONTENTS
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GLOBAL HALAL (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2016
The directors present their report and the financial statements for the year ended 31 December 2016.
The directors who served during the year were:
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on
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GLOBAL HALAL (HOLDINGS) LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GLOBAL HALAL (HOLDINGS) LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Global Halal (Holdings) Limited for the year ended 31 December 2016 which comprise the Profit and loss account, the Balance sheet and the related notes from the Company accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal .com/en/member/professional -standards /rules-standards/acca -rulebook.html
.
This report is made solely to the Board of directors of Global Halal (Holdings) Limited, as a body, in accordance with the terms of our engagement letter dated
25 September 2015. Our work has been undertaken solely
to prepare for your approval the financial statements of Global Halal (Holdings) Limited and state those matters that we have agreed to state to the Board of directors of Global Halal (Holdings) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Global Halal (Holdings) Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Global Halal (Holdings) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of Global Halal (Holdings) Limited. You consider that Global Halal (Holdings) Limited is exempt from the statutory audit requirement for the year.
15 Highfield Road
Edgbaston
B15 3DU
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GLOBAL HALAL (HOLDINGS) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2016
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GLOBAL HALAL (HOLDINGS) LIMITED
REGISTERED NUMBER:
08472396
BALANCE SHEET
AS AT
31 DECEMBER 2016
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
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GLOBAL HALAL (HOLDINGS) LIMITED
REGISTERED NUMBER:
08472396
BALANCE SHEET
(CONTINUED)
AS AT
31 DECEMBER 2016
The notes on pages 6 to 10 form part of these financial statements.
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GLOBAL HALAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
Global Halal (Holdings) Limited is a company limited by shares incorporated in England within the United Kingdom, having a registration of 08472396. The address of the registered office is 75 Harborne Road, Edgbaston, Birmingham, West Midlands, B15 3DH.
The financial statements are presented in sterling which is functional currency of the company and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company accounting policies.
During the year, the company had net current liabilities. The directors have considered a period of at least 12 months from the date of approval of the accounts with income streams remaining intact and administration expenses kept under control and the Company moving towards reduction of losses and eventual profitability. The financial statements have been prepared on a going concern basis which assumes that the company will continue to receive financial support from its parent Company and its ultimate controlling shareholders being Tusker Trading Limited, a Company incorporated in the British Virgin Islands.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each Balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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GLOBAL HALAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
2.
Accounting policies (continued)
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured:
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
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GLOBAL HALAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
2.
Accounting policies (continued)
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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GLOBAL HALAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
3.
Fixed asset investments (continued)
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GLOBAL HALAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
The controlling member of the company during the period was Tusker Trading Limited, a company incorporated in the British Virgin Islands, by virtue of its shareholdings. Management of the company is conducted by the directors.
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