7L Global Limited - Filleted accounts

Registered number

09638727

7L Global Limited

Unaudited Filleted Accounts

30 June 2018

7L Global Limited
Registered number:		09638727
Balance Sheet
as at 30 June 2018
Restated
Notes			2018			2017
£				£
Fixed assets
Intangible assets	3		14,806			12,933

Current assets
Stocks		132,816			130,000
Debtors	4	3,579			4,746
Cash at bank and in hand		685			20
		137,080			134,766

Creditors: amounts falling due within one year	5	(235,067)			(187,061)

Net current liabilities			(97,987)			(52,295)

Net liabilities			(83,181)			(39,362)

Capital and reserves
Called up share capital			1			1
Profit and loss account			(83,182)			(39,363)

Shareholders' funds			(83,181)			(39,362)

The directors are 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 directors acknowledge their 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.




Jonathan Green
Director
Approved by the board on 29 March 2019

7L Global Limited
Notes to the Accounts
for the year ended 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.

	Trade Marks	10% Straight line

	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.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.


2	Employees		2018		2017
Number				Number

	Average number of persons employed by the company		3		3


3	Intangible fixed assets				£
	Trade Marks:

	Cost
	At 1 July 2017				14,772
	Additions				3,622
	At 30 June 2018				18,394

	Amortisation
	At 1 July 2017				1,839
	Provided during the year				1,749
	At 30 June 2018				3,588

	Net book value
	At 30 June 2018				14,806
	At 30 June 2017				12,933


4	Debtors		2018		2017
£				£

	Trade debtors		3,579		4,746


5	Creditors: amounts falling due within one year		2018		2017
£				£

	Bank loans and overdrafts		-		5,633
	Trade creditors		65,393		126,720
	Taxation and social security costs		90		2,802
	Other creditors		169,584		51,906
			235,067		187,061


6	Prior period errors

	Costs in relation to trade mark applications were wrongly expensed through the profit and loss account during 2016 (£3,119) and 2017 (£11,652). The error has been corrected retrospectively with the expenditure now capitalised as an intangible asset. This has resulted in a restatement of the comparative figures.


7	Related party transactions

	There were no related party transactions during the year.


8	Controlling party

	The company is controlled by J Lundy by virtue of his shareholding.


9	Other information

	7L Global Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Ckw Chartered Accountants
	469 Kingsway
	Manchester
	M19 1NR