Global Holdings Midlands Ltd - Accounts to registrar - small 16.3d

REGISTERED NUMBER: 04703229 (England and Wales)

GLOBAL HOLDINGS MIDLANDS LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2016

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

5

DIRECTOR:

C B P Jones

SECRETARY:

Mrs M Jones

REGISTERED OFFICE:

Cold Meece Estate

Cold Meece

Swynnerton

Stone

Staffordshire

ST15 0SP

REGISTERED NUMBER:

04703229 (England and Wales)

FIXED ASSETS

Tangible assets

3

151,250

208,898

Investments

4

1

3

Investment property

5

1,490,000

1,490,000

1,641,251

1,698,901

CURRENT ASSETS

Debtors

6

1,393,218

1,509,036

Cash at bank

132,447

227,135

1,525,665

1,736,171

CREDITORS

Amounts falling due within one year

7

(222,832

)

(1,177,017

)

NET CURRENT ASSETS

1,302,833

559,154

TOTAL ASSETS LESS CURRENT LIABILITIES

2,944,084

2,258,055

CREDITORS

Amounts falling due after more than one year

8

(252,603

)

(289,344

)

PROVISIONS FOR LIABILITIES

(189,013

)

(201,853

)

NET ASSETS

2,502,468

1,766,858

CAPITAL AND RESERVES

Called up share capital

10

1

1

Revaluation reserve

818,291

816,273

Retained earnings

1,684,176

950,584

SHAREHOLDERS' FUNDS

2,502,468

1,766,858

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

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 and

(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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 21 December 2016 and were signed by:

C B P Jones - Director

1.	STATUTORY INFORMATION

Global Holdings Midlands Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

These 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.

These are the first financial statements that comply with FRS 102 Section 1A.

The financial statements have been prepared under the historical cost convention as modified by the

revaluation of certain fixed assets. The date of transition to FRS 102 Section 1A was 1 April 2014 and the end of

the comparative period was 31 March 2015.

The nature of these changes and their impact on opening equity and profit for the comparative period are

explained in the notes below.

The financial statements are presented in sterling which is the functional currency of the company and

rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade

discounts. The policies adopted for the recognition of turnover are as follows:

Property rental income and plant rental income

Rental income from operating leases (net of any incentives given to the lessees) is recognised on a straight-line

basis over the lease term.

Interest and dividends receivable

Interest income is recognised using the effective interest method and dividend income is recognised as the

company's right to receive payment is established.

Management charges

Management charges are recognised as the company's right to receive payment is established.

receive payment is established.

Investment property

In the opinion of the director, the investment properties are included at an amount that accords to its fair

value at the balance sheet date. The revaluation surplus is recognised in the profit and loss account. Deferred

tax is provided on these gains at the rate expected to apply when the property is sold.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the

current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax

rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial

statements of current and previous periods. It is recognised in respect of all timing differences, with certain

exceptions. Timing differences are differences between taxable profits and total comprehensive income as

stated in the financial statements that arise from the inclusion of income and expense in tax assessments in

periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the

balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued

non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances

that apply to the sale of the asset.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2015

247,463

Additions

7,073

Disposals

(20,978

)

At 31 March 2016

233,558

DEPRECIATION

At 1 April 2015

38,565

Charge for year

52,879

Eliminated on disposal

(9,136

)

At 31 March 2016

82,308

NET BOOK VALUE

At 31 March 2016

151,250

At 31 March 2015

208,898

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2015

161,504

Additions

3,228

At 31 March 2016

164,732

DEPRECIATION

At 1 April 2015

26,000

Charge for year

43,533

At 31 March 2016

69,533

NET BOOK VALUE

At 31 March 2016

95,199

At 31 March 2015

135,504

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2015

3

Additions

1

Disposals

(3

)

At 31 March 2016

1

NET BOOK VALUE

At 31 March 2016

1

At 31 March 2015

3

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2015

and 31 March 2016

1,490,000

NET BOOK VALUE

At 31 March 2016

1,490,000

At 31 March 2015

1,490,000

Cost or valuation at 31 March 2016 is represented by:

£

Valuation in 2016

1,490,000

The director is of the opinion that the fair value of the investment properties as at 31 March 2016 accords to

the value shown on the balance sheet, being £1,490,000. The value is based on a valuation by the director in

2016.

The historical cost of the investment property as at 31 March 2016 was £509,724 (2015 £509,724).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

60,783

109,301

Amounts owed by group undertakings

202,757

275,931

Amounts owed by associates

1,012,013

1,027,765

Other debtors

43,360

18,306

Directors' current accounts

57,558

55,054

Corporation tax

14,450

18,558

VAT

-

2,436

Prepayments and accrued income

2,297

1,685

1,393,218

1,509,036

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Hire purchase contracts

49,172

42,339

Trade creditors

47,365

72,116

Amounts owed to group undertakings

-

938,847

Amounts owed to associates

-

8,261

Corporation tax

-

14,450

VAT

539

-

Accrued expenses

125,756

101,004

222,832

1,177,017

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Bank loans more 5yrs non-inst

194,948

210,986

Hire purchase contracts

57,655

78,358

252,603

289,344

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5yrs non-inst

194,948

210,986

9.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank loans

194,948

210,986

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

1

Ordinary

£1

1

1

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2016 and

31 March 2015:

2016

2015

£

£

C B P Jones

Balance outstanding at start of year

55,054

269,550

Amounts advanced

2,504

56,955

Amounts repaid

-

(271,451

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

57,558

55,054

12.	RELATED PARTY DISCLOSURES

At the year end, an LLP in which Mr C B P Jones is a member owed the company £290,602 (2015 - £304,528) in

respect of a loan.

At the year end, a company in which Mr C B P Jones is a director and shareholder owed the company £729,177

(2015 - £730,161) in respect of a loan.