REGISTERED NUMBER:
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Global Combustion Systems Limited |
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Abbreviated Unaudited Accounts |
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for the Year Ended 30 June 2016 |
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REGISTERED NUMBER:
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Global Combustion Systems Limited |
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Abbreviated Unaudited Accounts |
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for the Year Ended 30 June 2016 |
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Global Combustion Systems Limited (Registered number: SC296805) |
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Contents of the Abbreviated Accounts |
for the Year Ended 30 June 2016 |
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Page |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 |
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Notes to the Abbreviated Accounts | 4 |
Global Combustion Systems Limited |
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Company Information |
for the Year Ended 30 June 2016 |
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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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BANKERS: |
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Global Combustion Systems Limited (Registered number: SC296805) |
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Abbreviated Balance Sheet |
30 June 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 2 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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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 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 3 |
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Profit and loss account | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
Global Combustion Systems Limited (Registered number: SC296805) |
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Abbreviated Balance Sheet - continued |
30 June 2016 |
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The financial statements were approved by the Board of Directors on
on its behalf by: |
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Global Combustion Systems Limited (Registered number: SC296805) |
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Notes to the Abbreviated Accounts |
for the Year Ended 30 June 2016 |
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1. | ACCOUNTING POLICIES |
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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 January 2015). |
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Turnover and revenue recognition |
Turnover represents net invoiced sales of combustion systems, excluding value added tax. |
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Revenue is recognised in accordance with Financial Reporting Standard 5 "Reporting the Substance |
of Transactions", Application Note G "Revenue Recognition", and UITF 40 "Revenue Recognition and |
Service Contracts". In this respect, revenue is recognised in line with performance, to the extent |
that a right to consideration arises. Included in current assets, as "work in progress", are amounts in |
respect of income that has been recognised but not billed by the end of the period. Provision is |
made against unbilled amounts where the right to receive payment is contingent and dependent on |
factors outside the control of the company. |
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Tangible fixed assets |
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Plant and machinery | - |
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Patterns | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Stocks |
Stocks and work in progress 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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Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
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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 where transactions or events have occurred at that date that will result in |
an obligation to pay more, or a right to pay less or to receive more, tax. Deferred tax assets are |
recognised only to the extent that the directors consider that it is more likely than not that there |
will be suitable taxable profits from which the future reversal of the underlying timing differences |
can be deducted. Deferred tax is measured on an undiscounted basis at the rates that are expected |
to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or |
substantively enacted at the balance sheet date. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling |
at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate |
of exchange ruling at the date of transaction. Exchange differences are taken into account in |
arriving at the operating result. |
Global Combustion Systems Limited (Registered number: SC296805) |
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Notes to the Abbreviated Accounts - continued |
for the Year Ended 30 June 2016 |
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1. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line |
basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to the profit and loss account in the period to which they |
relate. |
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2. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 July 2015 |
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Additions |
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Disposals | ( |
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At 30 June 2016 |
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DEPRECIATION |
At 1 July 2015 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 June 2016 |
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NET BOOK VALUE |
At 30 June 2016 |
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At 30 June 2015 |
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3. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
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Ordinary | £1 |
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4. | SECURITY |
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Lloyds Banking Group holds a Bond and Floating Charge over the assets of the company. |
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Lloyds Banking Group also hold personal guarantees of £50,000 from R P Finlay and I L Shoveller. |
Global Combustion Systems Limited (Registered number: SC296805) |
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Notes to the Abbreviated Accounts - continued |
for the Year Ended 30 June 2016 |
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5. | GOING CONCERN |
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The financial statements have been prepared on the going concern principle, which assumes that |
the company will continue to trade in the foreseeable future. In order to do so the company will |
require the continued support of its directors. The directors will continue to support the company |
and are confident of the continued support of the bank and other creditors. |