Registration number:
Global Health Tests Ltd
for the Period from 15 January 2019 to 31 January 2020
Global Health Tests Ltd
Contents
Company Information |
|
Abridged Balance Sheet |
|
Notes to the Unaudited Abridged Financial Statements |
Global Health Tests Ltd
Company Information
Directors |
Mr J A Roan Mr C Raven Ms D M Christie |
Company secretary |
Ms D M Christie |
Registered office |
|
Accountants |
|
Global Health Tests Ltd
(Registration number: 11768987)
Abridged Balance Sheet as at 31 January 2020
Note |
2020 |
|
Fixed assets |
||
Intangible assets |
|
|
Tangible assets |
|
|
|
||
Current assets |
||
Debtors |
|
|
Cash at bank and in hand |
|
|
|
||
Prepayments and accrued income |
|
|
Creditors: Amounts falling due within one year |
( |
|
Net current assets |
|
|
Total assets less current liabilities |
|
|
Accruals and deferred income |
( |
|
Net assets |
|
|
Capital and reserves |
||
Called up share capital |
100 |
|
Profit and loss account |
185,524 |
|
Shareholders' funds |
185,624 |
For the financial period ending 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their 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.
Global Health Tests Ltd
(Registration number: 11768987)
Abridged Balance Sheet as at 31 January 2020
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
.........................................
Company secretary and director
Global Health Tests Ltd
Notes to the Unaudited Abridged Financial Statements for the Period from 15 January 2019 to 31 January 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged 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.
Global Health Tests Ltd
Notes to the Unaudited Abridged Financial Statements for the Period from 15 January 2019 to 31 January 2020
Judgements
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' best judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be appropriate. |
Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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 |
Office equipment |
25% reducing balance |
Plant and machinery |
25% reducing balance |
Global Health Tests Ltd
Notes to the Unaudited Abridged Financial Statements for the Period from 15 January 2019 to 31 January 2020
Intangible assets
Intangible assets are capitalised when they meet the recognition criteria, in that they are separable, probable that expected future economic benefits will flow to the entity and the cost of the asset can be measured reliably.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Software development |
10 years |
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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Global Health Tests Ltd
Notes to the Unaudited Abridged Financial Statements for the Period from 15 January 2019 to 31 January 2020
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Profit before tax |
Arrived at after charging/(crediting)
2020 |
|
Depreciation expense |
|
Amortisation expense |
|
Global Health Tests Ltd
Notes to the Unaudited Abridged Financial Statements for the Period from 15 January 2019 to 31 January 2020
Intangible assets |
Total |
|
Cost or valuation |
|
Additions internally developed |
|
At 31 January 2020 |
|
Amortisation |
|
Amortisation charge |
|
At 31 January 2020 |
|
Carrying amount |
|
At 31 January 2020 |
|
Tangible assets |
Furniture, fittings and equipment |
Other tangible assets |
Total |
|
Cost or valuation |
|||
Additions |
|
|
|
At 31 January 2020 |
|
|
|
Depreciation |
|||
Charge for the period |
|
|
|
At 31 January 2020 |
|
|
|
Carrying amount |
|||
At 31 January 2020 |
|
|
|