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Unaudited financial statements |
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For the year ended |
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30 June 2019 |
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For |
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The East India Company Bullion Ltd |
REGISTERED NUMBER:
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Unaudited financial statements |
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For the year ended |
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30 June 2019 |
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For |
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The East India Company Bullion Ltd |
The East India Company Bullion Ltd (Registered number: 07352505) |
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Contents of the financial statements |
For The Year Ended 30 June 2019 |
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Company information | 1 |
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Balance sheet | 2 |
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Notes to the financial statements | 3 |
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The East India Company Bullion Ltd |
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Company information |
For The Year Ended 30 June 2019 |
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Director: |
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Registered office: |
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Registered number: |
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The East India Company Bullion Ltd (Registered number: 07352505) |
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Balance sheet |
30 June 2019 |
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2019 | 2018 |
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 and in hand |
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Creditors |
Amounts falling due within one year | 7 |
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Net current liabilities | ( |
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Total assets less current liabilities | ( |
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Capital and reserves |
Called up share capital |
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Retained earnings | ( |
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Shareholders' funds | ( |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006
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(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. |
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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 director and authorised for issue on
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The East India Company Bullion Ltd (Registered number: 07352505) |
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Notes to the financial statements |
For The Year Ended 30 June 2019 |
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1. | Statutory information |
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The East India Company Bullion Ltd is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Going Concern |
The financial statements have been prepared on a going concern basis, not withstanding net liabilities of £1,377,925 |
(2018: £1,434,078) The directors believe to be appropriate for the following reasons: |
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The East India Company Group Limited (BVI), the parent company has provided the company with an undertaking that |
it will continue to support the company financially for the foreseeable future and that it will not seek repayment of |
£756,423 (2018:£708,914) currently owing to it in the twelve months from the date of signing the financial statements.In |
addition, the company owes £910,799 ( 2018:£990,987 to) from a fellow subsidiary company which also provides it with |
management services. That company has confirmed that it will continue providing the services and will not seek |
repayment of the amount due to it until such time as the company is in a position to make payments. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added tax. |
Turnover consists of revenue earned from the distribution of gold and silver coins. |
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Revenue Recognition |
Revenue from the distribution of gold and silver coins is recognised at the point of sale. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life, as follows: |
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Fixtures, fittings and equipment - 25% straight line |
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Stocks |
Stock is valued at the lower of cost and net realisable value. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent |
that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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The East India Company Bullion Ltd (Registered number: 07352505) |
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Notes to the financial statements - continued |
For The Year Ended 30 June 2019 |
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2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet |
date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been |
enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange |
prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All |
differences are taken to the Profit and Loss account. |
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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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4. | Tangible fixed assets |
Fixtures |
and |
fittings |
£ |
COST |
At 1 July 2018 |
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Disposals | ( |
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At 30 June 2019 |
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DEPRECIATION |
At 1 July 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 June 2019 |
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NET BOOK VALUE |
At 30 June 2019 |
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At 30 June 2018 |
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The East India Company Bullion Ltd (Registered number: 07352505) |
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Notes to the financial statements - continued |
For The Year Ended 30 June 2019 |
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5. | Stocks |
2019 | 2018 |
£ | £ |
Stocks |
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6. | Debtors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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7. | Creditors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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Pension liability | 775 | 256 |
Other creditors |
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Accrued expenses |
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8. | Related party disclosures |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial |
Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly |
owned subsidiaries within the group. |
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9. | Ultimate parent company |
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The company's immediate parent undertaking is The East India Company Group Limited, a company registered in |
British Virgin Islands. The ultimate parent company is The East India Company Enterprises Ltd, a company registered |
in British Virgin Islands. |