Globe Education (GB) Ltd - Limited company accounts 11.4

REGISTERED NUMBER: 07286733 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 December 2013

for

Globe Education (GB) Ltd

Page

Company Information

1

Report of the Directors

2

Statement of Directors' Responsibilities

3

Profit and Loss Account

4

Balance Sheet

5

Notes to the Financial Statements

7

DIRECTORS:

Mr T M Andradi

Mr K B Abraham

REGISTERED OFFICE:

Chaucer House

White Hart Yard

London

SE1 1NX

REGISTERED NUMBER:

07286733 (England and Wales)

ACCOUNTANTS:

Harans & Co

Chartered Certified Accountants

324 Stafford Road

Croydon

Surrey

CR0 4NH

The directors present their report with the financial statements of the company for the year ended 31 December 2013.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of higher education.

DIRECTORS

The directors during the year under review were:

Mr T M Andradi

Mr K B Abraham

The beneficial interests of the directors holding office on 31 December 2013 in the issued share capital of the company

were as follows:

31.12.13

1.1.13

Ordinary shares Class A £1.00 shares

Mr T M Andradi

500

500

Mr K B Abraham

-

-

Ordinary shares Class B £1.00 shares

Mr T M Andradi

500

500

Mr K B Abraham

-

-

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating

to small companies.

ON BEHALF OF THE BOARD:

Mr T M Andradi - Director

27 November 2014

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with

applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

company and of the profit or loss of the company for that period. In preparing these financial statements, the directors

are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for

safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

TURNOVER

-

-

Cost of sales

294,741

-

GROSS LOSS

(294,741

)

-

Administrative expenses

816

2,521

OPERATING LOSS

3

(295,557

)

(2,521

)

Interest receivable and similar income

11,219

17,014

(LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

(284,338

)

14,493

Tax on (loss)/profit on ordinary activities

4

-

2,899

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(284,338

)

11,594

Retained profit brought forward

14,670

3,076

(DEFICIT)/RETAINED PROFIT CARRIED FORWARD

(269,668

)

14,670

FIXED ASSETS

Intangible assets

5

-

49,179

Investments

6

1,246

1,246

1,246

50,425

CURRENT ASSETS

Debtors

7

(280,122

)

(94,309

)

Cash at bank and in hand

11,237

63,481

(268,885

)

(30,828

)

CREDITORS

Amounts falling due within one year

8

29

2,927

NET CURRENT LIABILITIES

(268,914

)

(33,755

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(267,668

)

16,670

CAPITAL AND RESERVES

Called up share capital

9

2,000

2,000

Profit and loss account

(269,668

)

14,670

SHAREHOLDERS' FUNDS

(267,668

)

16,670

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2013 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 27 November 2014 and were signed on its behalf by:

Mr T M Andradi - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of nil years.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	STAFF COSTS

There were no staff costs for the year ended 31 December 2013 nor for the period ended 31 December 2012.

3.	OPERATING LOSS

The operating loss is stated after charging:

Period

1.7.11

Year Ended

to

31.12.13

31.12.12

£

£

Directors' remuneration

-

-

4.

TAXATION

Analysis of the tax charge

The tax charge on the loss on ordinary activities for the year was as follows:

Period

1.7.11

Year Ended

to

31.12.13

31.12.12

£

£

Current tax:

UK corporation tax

-

2,899

Tax on (loss)/profit on ordinary activities

-

2,899

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2013

49,179

Disposals

(49,179

)

At 31 December 2013

-

NET BOOK VALUE

At 31 December 2013

-

At 31 December 2012

49,179

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2013

and 31 December 2013

1,246

NET BOOK VALUE

At 31 December 2013

1,246

At 31 December 2012

1,246

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.13

31.12.12

£

£

Loan-Serbia Office Cost

100,850

100,850

Loan-Kenya Campus

-

245,562

Globe education servicesUK ltd

(1,399,590

)

84,875

Other debtors

1,018,618

(525,596

)

(280,122

)

(94,309

)

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.13

31.12.12

£

£

Tax

29

2,927

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.13

31.12.12

value:

£

£

1,000

Ordinary shares Class A

£1.00

1,000

1,000

1,000

Ordinary shares Class B

£1.00

1,000

1,000

2,000

2,000

10.	SUBSIDIARIES

London School of Commerce Doo, Belgrade - 100% Shares

British school of Commerce Limited, Nairobi - 100% shares

British school of Commerce, Colombo - 100% shares