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Global Cosmetic Developments Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Teale Accountants Ltd
1 Industrial Street
Bingley
West Yorkshire
BD16 4JG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09527690
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 15,181 17,575
15,181 17,575
CURRENT ASSETS
Stocks 5 750 950
Debtors 6 833 3,232
Cash at bank and in hand 7,860 6,724
9,443 10,906
Creditors: Amounts Falling Due Within One Year 7 (12,244 ) (11,410 )
NET CURRENT ASSETS (LIABILITIES) (2,801 ) (504 )
TOTAL ASSETS LESS CURRENT LIABILITIES 12,380 17,071
Creditors: Amounts Falling Due After More Than One Year 8 (11,180 ) (16,138 )
NET ASSETS 1,200 933
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 1,199 932
SHAREHOLDERS' FUNDS 1,200 933
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Stacey Irving Gaffey
Director
29/01/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Global Cosmetic Developments Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09527690 . The registered office is ST John's House, Clyde Street, Bingley, West Yorkshire, BD16 4LD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing Balance
2.4. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 4)
3 4
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4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 May 2023 38,740
As at 30 April 2024 38,740
Depreciation
As at 1 May 2023 21,165
Provided during the period 2,394
As at 30 April 2024 23,559
Net Book Value
As at 30 April 2024 15,181
As at 1 May 2023 17,575
5. Stocks
2024 2023
£ £
Stock 750 950
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 2,399
Prepayments and accrued income 833 833
833 3,232
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 127 295
Bank loans and overdrafts 6,335 6,335
Other taxes and social security - 3,161
VAT 2,309 1,592
Director's loan account 3,473 27
12,244 11,410
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Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 11,180 16,138
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. Directors Advances, Credits and Guarantees
Dividends paid to directors
Page 5