Company No:
Contents
DIRECTORS | R C Modasia |
A K Sood | |
REGISTERED OFFICE | 31- 32 Eastcastle Street |
London | |
W1W 8DN | |
United Kingdom | |
COMPANY NUMBER | 09764580(England and Wales) |
ACCOUNTANT | Deloitte LLP |
1 New Street Square | |
London | |
EC4A 3HQ | |
United Kingdom |
We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.
It is your duty to ensure that Global Alternatives 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 loss of Global Alternatives Holdings Limited. You consider that Global Alternatives Holdings Limited is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Global Alternatives Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Accountant
London
EC4A 3HQ
United Kingdom
2019 | 2018 | |||
Note | £ | £ | ||
Fixed assets | ||||
Investments | 3 |
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3 | 43 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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973,668 | 991,129 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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(
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Net current assets | 744,166 | 754,527 | ||
Total assets less current liabilities | 744,169 | 754,570 | ||
Creditors | ||||
Amounts falling due after more than one year | 6 |
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Net assets | 744,169 | 529,570 | ||
Capital and reserves | ||||
Called-up share capital |
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Share premium account |
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Profit and loss account | (
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Total shareholders' funds | 744,169 | 529,570 |
Directors’ responsibilities:
The financial statements of Global Alternatives Holdings Limited (registered number:
R C Modasia
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
Global Alternatives Holdings Limited (the Company) is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 31-32 Eastcastle Street, London, W1W 8DN, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Global Alternatives Holdings Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The financial statements contain information about Global Alternatives Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a Group. The Company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.
The directors note that the Company is loss making but in a net assets position. The Company provides financial support to all of its wholly owned subsidiary undertakings and previously has raised these funds through issuing equity shares resulting in a share premium. The directors have not identified that Covid-19 has had a significant impact on their business. Based on forecasts prepared for the next 12 months the directors believe the Company's liabilities can be met as they fall due.
The directors believe the Company has sufficient funds for a minimum of 12 months from the date of signing these financial statements and have confirmed that they do not intend to request repayment of the loans to subsidiary undertakings until they are financially stable. Based on the above considerations, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet the financial obligations of both the Company and the Group as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Financial assets
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Profit and Loss Account, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Investments
Investments in subsidiary undertakings are recognised at cost less impairment.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs.
2019 | 2018 | |
Number | Number | |
Average number of persons employed by the Company during the year, including directors |
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Investments in subsidiaries
2019 | |
£ | |
Cost | |
At 01 October 2018 |
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At 30 September 2019 |
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Provisions for impairment | |
At 01 October 2018 |
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Impairment |
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At 30 September 2019 |
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Carrying value at 30 September 2019 |
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Carrying value at 30 September 2018 |
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Investments in shares
Name of entity | Registered office | Nature of business | Class of shares |
% of ownership
30.9.19 |
% of ownership
30.9.18 |
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31-32 Eastcastle Street, London, England, W1W 8DN | Owner and operator of market platforms for institutional grade properties |
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31-32 Eastcastle Street, London, England, W1W 8DN | Administrative services to the group |
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31-32 Eastcastle Street, London, England, W1W 8DN | Not Trading |
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2019 | 2018 | |
£ | £ | |
Amounts owed by Group undertakings |
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2019 | 2018 | |
£ | £ | |
Other creditors |
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2019 | 2018 | |
£ | £ | |
Other creditors |
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0 | 225,000 |
The Company has taken advantage of the exemption granted within Section 33 of FRS 102, which does not require the disclosure of transactions between a subsidiary undertaking and other Group undertakings, as 100% of the Company's voting rights are controlled within the Group.
There was no directors' remuneration in the current year (2018: £Nil). The directors are considered to be the only key management personnel of the Company.