Registration number:
for the Period from 1 December 2019 to
Global Progress (London) Ltd
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Global Progress (London) Ltd
Company Information
Directors |
Mr Matthew James Browne Mr Matthew Richard Laza |
Registered office |
|
Accountants |
|
Global Progress (London) Ltd
(Registration number: 11079851)
Balance Sheet as at 31 March 2021
Note |
31 March 2021 |
30 November 2019 |
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net (liabilities)/assets |
( |
|
|
Capital and reserves |
|||
Profit and loss account |
( |
|
|
Total equity |
( |
|
For the financial period ending 31 March 2021 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
......................................... |
Global Progress (London) Ltd
Notes to the Unaudited Financial Statements for the Period from 1 December 2019 to 31 March 2021
General information |
The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The address of its registered office is:
England
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
The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.
Basis of preparation
These 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.
The financial statements are presented in Sterling, which is the functional currency of the company.
Going concern
These accounts have been prepared on a going concern basis notwithstanding the company's net liability position at the balance sheet date. The director is confident that with his continued support, the company can remain in operational existence for the foreseeable future.
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.
Global Progress (London) Ltd
Notes to the Unaudited Financial Statements for the Period from 1 December 2019 to 31 March 2021
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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.
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.
Global Progress (London) Ltd
Notes to the Unaudited Financial Statements for the Period from 1 December 2019 to 31 March 2021
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Global Progress (London) Ltd
Notes to the Unaudited Financial Statements for the Period from 1 December 2019 to 31 March 2021
Staff numbers |
The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:
1 December 2019 to 31 March 2021 |
Year ended 30 November 2019 |
|
Administration and support |
|
|
|
|
Debtors |
|
|
|||
Trade debtors |
- |
|
||
Other debtors |
|
- |
||
|
|
Global Progress (London) Ltd
Notes to the Unaudited Financial Statements for the Period from 1 December 2019 to 31 March 2021
Creditors |
Creditors: amounts falling due within one year
Note |
31 March 2021 |
30 November 2019 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
- |
|
Other payables |
|
- |
|
Accrued expenses |
|
|
|
Corporation tax liability |
- |
1,397 |
|
|
|
Loans and borrowings |
31 March 2021 |
30 November 2019 |
|
Current loans and borrowings |
||
Other borrowings |
|
|