Global Merchandise Solutions Ltd 31/03/2019 iXBRL

Global Merchandise Solutions Ltd 31/03/2019 iXBRL

GLOBAL MERCHANDISE SOLUTIONS LIMITED - Company Information

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Company registration number: 07605038
Global Merchandise Solutions Ltd
Unaudited filleted financial statements
31 March 2019
Global Merchandise Solutions Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Global Merchandise Solutions Ltd
Directors and other information
Directors
Mr D Francey
Mrs S Francey
Company number 07605038
Registered office Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Global Merchandise Solutions Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Global Merchandise Solutions Ltd
Year ended 31 March 2019
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 Merchandise Solutions Ltd for the year ended 31 March 2019 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of Global Merchandise Solutions Ltd, as a body, in accordance with the terms of our engagement letter dated 29 March 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Global Merchandise Solutions Ltd and state those matters that we have agreed to state to the board of directors of Global Merchandise Solutions Ltd as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Global Merchandise Solutions Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Global Merchandise Solutions Ltd 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 Merchandise Solutions Ltd. You consider that Global Merchandise Solutions Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Global Merchandise Solutions Ltd. 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.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
30 March 2020
Global Merchandise Solutions Ltd
Statement of financial position
31 March 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 986 1,735
_______ _______
986 1,735
Current assets
Stocks 73,742 90,531
Debtors 6 551,571 417,696
Cash at bank and in hand 8,684 3,256
_______ _______
633,997 511,483
Creditors: amounts falling due
within one year 7 ( 712,251) ( 588,308)
_______ _______
Net current liabilities ( 78,254) ( 76,825)
_______ _______
Total assets less current liabilities ( 77,268) ( 75,090)
Provisions for liabilities ( 190) ( 330)
_______ _______
Net liabilities ( 77,458) ( 75,420)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 77,558) ( 75,520)
_______ _______
Shareholders deficit ( 77,458) ( 75,420)
_______ _______
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 March 2020 , and are signed on behalf of the board by:
Mr D Francey
Director
Company registration number: 07605038
Global Merchandise Solutions Ltd
Notes to the financial statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Vaughan Chambers, Vaughan Road, Harpenden, Hertfordshire, AL5 4EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt accumulated depreciation and subsequent accumulated impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - Straight line over 4 years
Computer equipment - Straight line over 3 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Computer equipment Total
£ £ £
Cost
At 1 April 2018 and 31 March 2019 6,453 13,164 19,617
_______ _______ _______
Depreciation
At 1 April 2018 4,916 12,966 17,882
Charge for the year 552 197 749
_______ _______ _______
At 31 March 2019 5,468 13,163 18,631
_______ _______ _______
Carrying amount
At 31 March 2019 985 1 986
_______ _______ _______
At 31 March 2018 1,537 198 1,735
_______ _______ _______
6. Debtors
2019 2018
£ £
Trade debtors 74,895 52,416
Other debtors 476,676 365,280
_______ _______
551,571 417,696
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 383,826 373,663
Trade creditors 83,803 32,451
Corporation tax 196 196
Social security and other taxes 11,372 1,845
Other creditors 233,054 180,153
_______ _______
712,251 588,308
_______ _______
8. Directors advances, credits and guarantees
At the year end the amount due from one of the directors to the company was £477,867 (2018 363, 405).