Global I P Solutions Group Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 07341919 (England and Wales)

Unaudited Financial Statements

For The Year Ended

31 August 2017

for

GLOBAL I P SOLUTIONS GROUP LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Certified Accountants' Report

5

DIRECTOR:

Mrs E L Thompson

REGISTERED OFFICE:

8 Eastway

Sale

Cheshire

M33 4DX

REGISTERED NUMBER:

07341919 (England and Wales)

ACCOUNTANTS:

Leavitt Walmsley Associates Limited

Chartered Certified Accountants

8 Eastway

Sale

Cheshire

M33 4DX

FIXED ASSETS

Tangible assets

4

11,802

22,477

CURRENT ASSETS

Stocks

7,000

1,200

Debtors

5

26,388

25,173

Cash at bank

-

663

33,388

27,036

CREDITORS

Amounts falling due within one year

6

59,586

30,911

NET CURRENT LIABILITIES

(26,198

)

(3,875

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(14,396

)

18,602

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(14,397

)

18,601

SHAREHOLDERS' FUNDS

(14,396

)

18,602

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 Profit and loss account has not been delivered.

The financial statements were approved by the director on 29 May 2018 and were signed by:

Mrs E L Thompson - Director

1.	STATUTORY INFORMATION

Global I P Solutions Group 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

These are the company's first accounts under FRS 102, Section 1A, with the date of transition being 01

September 2015. There are no transitional or prior year adjustments affecting prior year's profit and equity as a

result of the transition to FRS 102.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

A sale is recognised when the goods have been despatched to clients, which is the point at which the risks and

rewards of ownership pass to the customer and therefore revenue recognised.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on cost

The company carries tangible fixed assets in the balance sheet using the depreciated historic cost method.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes

all costs of purchase, freight, irrecoverable taxes and costs of conversion and other directly attributable costs

which are incurred by the entity in bringing the stock to its present location and condition. The cost methodology

employed by the entity is the first-in first-out method.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual

provisions of the financial instrument.

Debtors

Debtors do not carry interest and are stated at their nominal value. Appropriate allowances for estimated

irrecoverable amounts are recognised in the profit and loss account when there is objective evidence that the

asset is impaired. Prepayments do not meet the definition of a financial instrument.

Cash and cash equivalents

These comprise cash at bank and other short-term, highly liquid bank deposits with an original maturity of three

months or less.

Creditors

Trade creditors are not interest bearing and are stated at their nominal value. Amounts in respect of taxation,

social security and accrued expenses do not meet the definition of a financial instrument.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 September 2016

and 31 August 2017

69,171

DEPRECIATION

At 1 September 2016

46,694

Charge for year

10,675

At 31 August 2017

57,369

NET BOOK VALUE

At 31 August 2017

11,802

At 31 August 2016

22,477

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Trade debtors

18,768

14,192

Other debtors

7,620

10,462

Tax

-

368

Prepayments

-

151

26,388

25,173

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Bank loans and overdrafts

18,552

12,908

Other loans

2,927

-

Trade creditors

12,906

4,706

Social security and other taxes

267

312

VAT

996

5,203

Directors' current accounts

19,959

5,862

Accrued expenses

3,979

1,920

59,586

30,911

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the company made advances to its directors of £8,898 and received credits of £22,995 from the

directors. The rate of interest charged on these advances was 0% and there were no terms attached to the

advances. At 31 August 2017 the company was indebted to its directors in the sum of £19,959 (2016 indebted

to its directors in the sum of £5,862). This loan is repayable on demand.

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to

file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements

and the Report of the Director are not required to be filed with the Registrar of Companies.

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 I P Solutions Group Ltd for the year ended 31 August 2017 which comprise the Profit and

loss account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting

records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Global I P Solutions Group Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Global I P Solutions Group Ltd and state those matters that we have agreed to state to the director of Global I P Solutions Group Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Global I P Solutions Group 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 I P Solutions Group Ltd. You consider that Global I P Solutions Group 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 I P Solutions Group 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.

Leavitt Walmsley Associates Limited

Chartered Certified Accountants

8 Eastway

Sale

Cheshire

M33 4DX

Date: .............................................