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Global Combustion Systems Limited |
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Unaudited Financial Statements |
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for the Year Ended 30 June 2017 |
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REGISTERED NUMBER:
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Global Combustion Systems Limited |
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Unaudited Financial Statements |
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for the Year Ended 30 June 2017 |
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Global Combustion Systems Limited (Registered number: SC296805) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2017 |
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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 | 4 |
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Global Combustion Systems Limited |
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Company Information |
for the Year Ended 30 June 2017 |
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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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9 Ainslie Place |
Edinburgh |
Midlothian |
EH3 6AT |
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BANKERS: |
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New Uberior House |
11 Earl Grey Street |
Edinburgh |
EH3 9BN |
Global Combustion Systems Limited (Registered number: SC296805) |
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Balance Sheet |
30 June 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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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 |
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Retained earnings | ( |
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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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Balance Sheet - continued |
30 June 2017 |
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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 Board of Directors on
behalf by: |
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Global Combustion Systems Limited (Registered number: SC296805) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2017 |
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1. | STATUTORY INFORMATION |
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Global Combustion Systems Limited is a
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The company's 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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Turnover and revenue recognition |
Turnover represents net invoiced sales of combustion systems, excluding value added tax. |
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Revenue is recognised in line with performance, to the extent that a right to consideration arises. |
Included in Stocks are amounts which total £83,092 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 etc | - |
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Inventories |
Inventories have been valued at the lower of cost estimated selling price less costs to sell. In |
respect of work in progress and finished goods, cost includes a relevant proportion of overheads |
according to the stage of manufacture/completion. |
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Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial |
instruments. Basic financial instruments are initially recognised at transaction value and |
subsequently measured at their settlement value. |
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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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Global Combustion Systems Limited (Registered number: SC296805) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
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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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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. |
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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 operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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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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Global Combustion Systems Limited (Registered number: SC296805) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 July 2016 |
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Additions |
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Disposals | ( |
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At 30 June 2017 |
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DEPRECIATION |
At 1 July 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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At 30 June 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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Included within Other creditors are Directors Current accounts totalling £66,603 (2016 - £22,830). |
Global Combustion Systems Limited (Registered number: SC296805) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2017 | 2016 |
£ | £ |
Within one year |
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Between one and five years |
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8. | 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. |
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9. | 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. |
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10. | FIRST YEAR ADOPTION |
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In preparing the accounts, the directors have considered whether in applying the accounting |
policies required by FRS 102 a restatement of comparative items was needed. No restatements |
were required. Accordingly, no reconciliation of opening balances or net income/(expenditure) for |
the period has been prepared. |