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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2018 |
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GLOBAL REPAIRS LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2018 |
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FOR |
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GLOBAL REPAIRS LIMITED |
GLOBAL REPAIRS LIMITED (REGISTERED NUMBER: 03904947) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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GLOBAL REPAIRS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
First Floor, Winston House |
349 Regents Park Road |
London |
N3 1DH |
GLOBAL REPAIRS LIMITED (REGISTERED NUMBER: 03904947) |
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BALANCE SHEET |
31 MARCH 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
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CREDITORS |
Amounts falling due after more than one year | 8 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Profit and loss account | ( |
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( |
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GLOBAL REPAIRS LIMITED (REGISTERED NUMBER: 03904947) |
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BALANCE SHEET - continued |
31 MARCH 2018 |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and loss has not been delivered. |
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The financial statements were approved by the Board of Directors on
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GLOBAL REPAIRS LIMITED (REGISTERED NUMBER: 03904947) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
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1. | STATUTORY INFORMATION |
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Global Repairs Limited is a
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number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added |
tax and other sales taxes. |
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Goodwill |
Goodwill, being the amount paid in connection with the acquisition of businesses in 2012 for £180,000 and in 2015 for |
£43,000, is being amortised evenly over their estimated useful lives of ten years. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
items. |
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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. |
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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. |
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Debt instruments are subsequently measured at amortised cost unless they are classified as receivable within one year in |
which case they are measured at the undiscounted amount of the cash or other consideration expected to be received net |
of impairment. |
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Financial liabilities that are classified as payable within one year are subsequently measured at the undiscounted amount of |
the cash or other consideration expected to be paid. |
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Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable |
right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset or settle the |
liability simultaneously. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss, except to the extent that |
it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date. |
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GLOBAL REPAIRS LIMITED (REGISTERED NUMBER: 03904947) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet |
date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been |
enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company costs charged in the financial statements represents the company's obligations made on behalf of the |
company's employees under Workplace Pension Reform. |
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Going concern |
At balance sheet date the company had an excess of liabilities over assets of £82,809 (2017 - £50,466). As reported in the |
previous year's financial statements, the company acquired the business of Finchley Washing Machine Repairs on 30 April |
2015 with the hope that the added market that this acquisition brought would assist the company in expanding its |
operations and becoming profitable. This is a long term goal and despite the fact that losses arose in the current year, the |
directors remain confident that in the medium to long term there will be growth that will reverse the adverse position the |
company finds itself in. To this end the directors continue to support the company by way of interest free loans with no |
fixed term of repayment and, on this basis, they consider it appropriate to prepare the accounts on a going concern basis. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2017 |
and 31 March 2018 |
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AMORTISATION |
At 1 April 2017 |
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Charge for year |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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GLOBAL REPAIRS LIMITED (REGISTERED NUMBER: 03904947) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2017 |
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Additions |
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At 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts |
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9. | RELATED PARTY DISCLOSURES |
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Included in other creditors are interest free loans advanced to the company by the directors, Mr C Reeves and Mr M Reeves. |
The amounts outstanding on the loans at balance sheet date were £102,475 (2017 - £102,475) and £99,610 (2017 - |
£99,610) respectively. There is no stipulation as to repayment of the loans. |