Registered number
05179397
Global Professional Publishing Limited
Filleted Accounts
30 June 2018
Global Professional Publishing Limited
Registered number: 05179397
Balance Sheet
as at 30 June 2018
Notes 2018 2016
£ £
Current assets
Stocks - 88,235
Debtors 3 2,826 5,956
Cash at bank and in hand 1,546 1,693
4,372 95,884
Creditors: amounts falling due within one year 4 (214,389) (224,916)
Net current liabilities (210,017) (129,032)
Net liabilities (210,017) (129,032)
Capital and reserves
Called up share capital 2 2
Profit and loss account (210,019) (129,034)
Shareholders' funds (210,017) (129,032)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs T A Dobby
Director
Approved by the board on 10 November 2018
Global Professional Publishing Limited
Notes to the Accounts
for the period from 1 January 2017 to 30 June 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2017 107,480
At 30 June 2018 107,480
Amortisation
At 1 January 2017 107,480
At 30 June 2018 107,480
Net book value
At 30 June 2018 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
3 Debtors 2018 2016
£ £
Trade debtors 353 3,919
Amounts owed by group undertakings and undertakings in which the company has a participating interest 2,380 1,840
VAT receivable 93 197
2,826 5,956
4 Creditors: amounts falling due within one year 2018 2016
£ £
Bank loans and overdrafts - 5
Trade creditors 15,587 16,758
Amounts owed to group undertakings and undertakings in which the company has a participating interest 6,529 5,022
Director's account 190,714 196,452
Other creditors 1,559 6,679
214,389 224,916
5 Related party transactions 2018 2016
£ £
Global Professional Publishing Holdings Limited
Inter company debtors relates to monies owed by Global Professional Publishing Holdings Limited is a 50% shareholder of Global Professional Publishing Limited. 866 549
Trentop Management Limited
Inter company debtors relates to a loan to Trentop Management Limited. This is a 10% owned subsidiary of Eric Dobby Publishing Limited. Mrs T A Dobby is also a director and has a direct interest of 90% of the issued ordinary share capital of Trentop Management Limited. 1,001 868
World of Finance Publishing Limited
Inter company debtors relates to amounts owed by World of Finance Limited. This is a 50% owned subsidiary of Global Professional Publishing Holdings Limited. Mrs T A Dobby is also a director and has a direct interest of 50% of the issued ordinary share capital of Trentop Management Limited. 513 423
Eric Dobby Publishing Limited
Inter company creditors relates to monies owed to Eric Dobby Publishing Limited. Mrs T A Dobby is also a director and has a direct interest of 80% of the issued ordinary share capital of Eric Dobby Publishing Limited. (6,529) (5,022)
6 Controlling party
Mrs T A Dobby, a director, controls the company by virtue of a controlling interest of 50% of the issued ordinary share capital.
7 Other information
Global Professional Publishing Limited is a private company limited by shares and incorporated in England. Its registered office is:
22 Hillcrest
Southborough
Tunbridge Wells
Kent
TN4 0AJ
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