V&P Global Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 06858428

V&P Global Limited

Filleted Unaudited Financial Statements

30 June 2019

V&P Global Limited

Statement of Financial Position

30 June 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5	39,064	51,432
Investments	6	38,561	38,522
		--------	--------
		77,625	89,954

Current assets

Debtors	7	1,273,101	1,092,663
Cash at bank and in hand		297,058	365,422
		------------	------------
		1,570,159	1,458,085

Creditors: amounts falling due within one year	8	1,040,152		1,165,460
		------------		------------
Net current assets			530,007	292,625
			---------	---------
Total assets less current liabilities			607,632	382,579
			---------	---------
Net assets			607,632	382,579
			---------	---------

Capital and reserves

Called up share capital	9	100	100
Profit and loss account		607,532	382,479
		---------	---------
Shareholders funds		607,632	382,579
		---------	---------

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.

For the year ending 30 June 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 .

V&P Global Limited

Statement of Financial Position (continued)

30 June 2019

These financial statements were approved by the board of directors and authorised for issue on 25 March 2020 , and are signed on behalf of the board by:

Mr F J Varela

Director

Company registration number: 06858428

V&P Global Limited

Notes to the Financial Statements

Year ended 30 June 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o AG Tax Ltd, 7th Floor, Minster House, 42 Mincing Lane, London, EC3R 7AE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 liabilities 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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, 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 subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent 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. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be 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:

Short leasehold improvements	-	Over its lease term of 5 years started from October 2017
Computer equipment	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 16 (2018: 11 ).

5. Tangible assets

	Land and buildings	Equipment	Total
	£	£	£
Cost
At 1 July 2018 and 30 June 2019	59,575	1,359	60,934
	--------	-------	--------
Depreciation
At 1 July 2018	8,936	566	9,502
Charge for the year	11,915	453	12,368
	--------	-------	--------
At 30 June 2019	20,851	1,019	21,870
	--------	-------	--------
Carrying amount
At 30 June 2019	38,724	340	39,064
	--------	-------	--------
At 30 June 2018	50,639	793	51,432
	--------	-------	--------

6. Investments

	Shares in group undertakings	Shares in participating interests	Total
	£	£	£
Cost
At 1 July 2018	38,492	30	38,522
Additions	69	–	69
Disposals	–	( 30)	( 30)
	--------	----	--------
At 30 June 2019	38,561	–	38,561
	--------	----	--------
Impairment
At 1 July 2018 and 30 June 2019	–	–	–
	--------	----	--------

Carrying amount
At 30 June 2019	38,561	–	38,561
	--------	----	--------
At 30 June 2018	38,492	30	38,522
	--------	----	--------

Included within shares in group undertakings are £38,561 shares in group undertakings.

As at 30 June 2019, the company owns 100% of V&P Global Executive Search Ltd, a company incorporated in U.A.E. The nature of its business is the provision of recruitment consultancy services. V&P Global Executive Search Ltd (the subsidiary) has an issued share capital of 50,000 ordinary shares @ USD$1.00 each, which is held by Mr. F Varela, a director of the company, as the legal owner on behalf of the company, the beneficial owner.

As at 30 June 2019, the company owns 100% of V&P Global Search Pte Ltd, a company incorporated in Singapore. The nature of its business is the provision of recruitment consultancy services. Mr. F Varela, a director of the company, currently holds 100% of the share capital of V&P Global Search Pte Ltd (the subsidiary)on behalf of the company, the beneficial owner.

As at 30 June 2019, the company wrote off £30 of the investment held in Working Title HR Limited, a company incorporated in the UK.

7. Debtors

	2019	2018
	£	£
Trade debtors	670	274,457
Amounts owed by group undertakings and undertakings in which the company has a participating interest	95,873	81,313
Other debtors	1,176,558	736,893
	------------	------------
	1,273,101	1,092,663
	------------	------------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	–	5
Trade creditors	50,183	619
Corporation tax	52,117	46,335
Social security and other taxes	26,246	78,182
Other creditors	33	–
Other creditors	911,573	1,040,319
	------------	------------
	1,040,152	1,165,460
	------------	------------

9. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary A shares of £ 0.10 each	1,000	100	1,000	100
	-------	----	-------	----

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	68,576	50,728
Later than 1 year and not later than 5 years	223,577	274,492
Later than 5 years	–	17,661
	---------	---------
	292,153	342,881
	---------	---------

11. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr F J Varela	100,000	65,000	( 100,000)	65,000
	---------	--------	---------	--------

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr F J Varela	–	100,000	–	100,000
	----	---------	----	---------

12. Related party transactions

The company is controlled by the director by virtue of his share holdings. At 30 June 2019, the company was owed £58,959 (2018:£40,645) by its subsidiary undertaking, V&P Global Search Pte Ltd, a company incorporated in Singapore. This amount is unsecured, interest free and repayable on demand. At 30 June 2019, the company was owed £36,914 (2018:£33,291) by its subsidiary undertaking, V&P Global Search Pte Ltd, a company incorporated in U.A.E. This amount is unsecured, interest free and repayable on demand. During the year, the company was charged management fees of £200,000 (2018: £200,000) by FJV & Partners Ltd, a company which is controlled by Mr. F Varela, a director of the company. As at 30 June 2019, the company was owed £963,769 (2018: £559,826) by FJV & Partners Ltd. This amount is unsecured, interest free and repayable on demand. As at 30 June 2019, the director owed £65,000 to the company. This amount was fully repaid in 2 instalments after the year end (£50,000 on 09/12/19 & £15,000 on 23/01/20)