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Unaudited Financial Statements for the Year Ended 30 June 2019 |
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Belco Global Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 June 2019 |
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for |
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Belco Global Limited |
Belco Global Limited (Registered number: 08584720) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Belco Global Limited |
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Company Information |
for the Year Ended 30 June 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Belco Global Limited (Registered number: 08584720) |
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Balance Sheet |
30 June 2019 |
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30.6.19 | 30.6.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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CURRENT ASSETS |
Stocks | 4 |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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Belco Global Limited (Registered number: 08584720) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2019 |
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1. | STATUTORY INFORMATION |
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Belco Global Limited is a
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registered 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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The financial statements have been prepared on the historical cost convention, modified to include the revaluation of |
freehold properties and to include investment properties and certain financial instruments at fair value. The principal |
accounting policies adopted are set out below. |
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The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amount |
in these financial statements are rounded to the nearest £. |
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Turnover |
Turnover represents the sale of land and buildings. Turnover is recognised at the fair value of the consideration |
received or receivable for goods and services provided in the normal course of business, and is shown net of VAT |
and other sales related taxes. |
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Tangible fixed assets |
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Computer equipment | - |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks consists of |
freehold land and buildings held for development and resale. Costs consist of all direct costs including purchase |
price, legal and professional fees, development costs and those overheads that have been incurred in bringing the |
stocks to their present location and condition. |
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At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its |
estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit of loss. |
Reversals of impairment losses are also recognised in the profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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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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. |
Belco Global Limited (Registered number: 08584720) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
The financial statements have been prepared on the going concern basis, on the understanding that the director and |
shareholder will continue to financially support the company. No adjustments were necessary to the amounts at |
which the assets and liabilities are included in these financial statements. |
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3. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
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COST |
At 1 July 2018 |
and 30 June 2019 |
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DEPRECIATION |
At 1 July 2018 |
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Charge for year |
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At 30 June 2019 |
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NET BOOK VALUE |
At 30 June 2019 |
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At 30 June 2018 |
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4. | STOCKS |
30.6.19 | 30.6.18 |
£ | £ |
Stocks of land and buildings |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.19 | 30.6.18 |
£ | £ |
Other debtors | 16,000 | 16,000 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.19 | 30.6.18 |
£ | £ |
Other loans (see note 7) |
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Trade creditors |
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Tax |
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Other creditors |
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7. | LOANS |
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An analysis of the maturity of loans is given below: |
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30.6.19 | 30.6.18 |
£ | £ |
Amounts falling due within one year or on demand: |
Shareholders loan |
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Belco Global Limited (Registered number: 08584720) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2019 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.6.19 | 30.6.18 |
£ | £ |
Shareholders loan |
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The loans are secured by a legal charge over the freehold properties owned by the company |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.19 | 30.6.18 |
value: | £ | £ |
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Ordinary | 1 | 100 | 100 |
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10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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At the balance sheet date, the company had loans due to the director, Mr J S Birosu in the amount of £770,284. The |
loans are secured, interest free and repayable on demand. |
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11. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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