Another Declan Ganley business failure: GCI PROJECT MANAGEMENT LIMITED Accounts

“I am a businessman, not a politician,” he said. “I know what it takes to create wealth. I know what it will take to dig Europe out of the mess our politicians have created. We are led by a group of people who have no basic understanding of economics. It is a group of people with no new ideas.” Declan Ganley speaking to the Galway Advertiser

This is another in my series of Declan Ganley related company accounts. this is another business failure from Ganley who claims to be a successful business man and not a representative of secretive backers with links to the US arms and military industrial complex. Ganley had a colourful youth rambling around a collapsing eastern Europe and former USSR, before landing on his feet when his neo con hawk buddies launched the "War on Terror". Ganley has recently appointed former chief of staff of the US military "the man who invaded Iraq" and current CIA external advisor Richard Myers to the board of Rivada networks. Rivada Networks in partnership with the Alaskan Eskimo outfit Nana Pacific run Rivada Pacific which uses federal law designed to benefit Native American companies (and here). Ganley claims to be Irish and has said he was British on his company returns. He is married to an American and therefore is entitled to an American passport. However, there is no way he is an Eskimo.

Despite this his company are awarded no competition defence contracts by the US military intended for native Americans. this ruse was the work of the disgraced Alaskan Senator Ted Stevens.

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Do the secrets of Declan Ganley's claimed business success rest purely on his US military contracts that are awarded on a preferential basis?
With Europe suffering an economic global crisis the blame for which can be laid on the high risk business practices that Declan Ganley has advocated in interviews. We are only going to get one shot. Having Declan Ganley and his disparate group of the pan European right wing xenophobes and aristocratic nationalists, some of whom want a return to feudalism, gambling with our futures and our threatening democracy is not something to be taken lightly.

List of Declan Ganley organizations

Re GCI Projects Management (Accounts below)The company turned over quite a lot but had high administrative costs. A liquidator was appointed in Feb 2002 and the company was dissolved in 2003
This blog would like assessments of what is going on in the below accounts. Email peoplekorps@gmail.com in confidence

GCI PROJECT MANAGEMENT LIMITED

R/O Address :	1 Great Cumberland Place			Registered No :	03924374
	London			Legal Form :	Private Limited
R/O Phone :				Date of incorporation :	8/02/2000
R/O Postcode :	W1H 7LW			Accounting Ref.Date :	31/12
				Accounts Type :	Full accounts
				Company Status :	Dissolved
Latest Turnover :		4,660,056 GBP		Number of Holdings :
Latest No of Employees :		15		Number of Subsid. :
Activities :		Project management services.
UK SIC (2003) Codes :		Primary Code :	7487 - Other business activities not elsewhere classified
		All Code(s) :	7487
Standard Peer Group :		7487 - Other business activities not elsewhere classified (VL: Very Large Companies)

USED PEER GROUP :Standard PG (current or default)	51064 Companies

PROFILE	31/07/2001	Average
	18 months	1 year
	GBP	GBP
	Uncons.
	UK GAAP
Turnover	4,660,056	3,106,704
Profit (Loss) before Taxation	-15,012	-10,008
Net Tangible Assets (Liab.)	-14,992	-14,992
Shareholders Funds	-14,992	-14,992
Profit Margin (%)	-0.32	-0.32
Return on Shareholders Funds (%)	n.s.	n.s.
Return on Capital Employed (%)	66.76	66.76
Liquidity Ratio	0.99	0.99
Gearing Ratio (%)	n.s.	n.s.
Number of Employees	15	15
PROFIT & LOSS ACCOUNT	31/07/2001	Average
	18 months	1 year
	GBP	GBP
	Uncons.
	UK GAAP
Turnover	4,660,056	3,106,704
UK Turnover	4,660,056	3,106,704
Overseas Turnover
Cost of Sales	-3,351,503	-2,234,335
Exceptional Items pre GP
Other Income pre GP
Gross Profit	1,308,553	872,369
Administration Expenses	-1,308,683	-872,455
Other Operating Income pre OP
Exceptional Items pre OP
Operating Profit	-130	-87
Other Income	802	535
Total Other Income & Int. Received
Exceptional Items
Profit (Loss) on Sale of Operations
Costs of Reorganisation
Profit (Loss) on Disposal
Other Exceptional Items
Profit (Loss) before Interest	672	448
Interest Received
Interest Paid	-15,684	-10,456
Paid to Bank
Paid on Hire Purchase
Paid on Leasing
Other Interest Paid
Net Interest
Profit (Loss) before Tax	-15,012	-10,008
Taxation	-80	-53
Profit (Loss) after Tax	-15,092	-10,061
Extraordinary Items
Minority Interests
Profit (Loss) for Period	-15,092	-10,061
Dividends
Retained Profit(Loss)	-15,092	-10,061
Depreciation	2,121	1,414
Depreciation Owned Assets
Depreciation Other Assets
Audit Fee	7,000	4,667
Non-Audit Fee	9,749	6,499
Tax Advice
Non-Tax Advisory Services
Other Auditors Services
Total Amortization and Impairment
Amortisation
Impairment
Total Operating Lease Rentals
Hire of Plant & Machinery
Land & Building or Property Rents & Other
Research & Development
Foreign Exchange Gains/Losses
Remuneration	759,160	506,107
Wages & Salaries
Social Security Costs
Pension Costs
Other Staff Costs
Directors' Remuneration	347,219	231,479
Directors' Fees
Pension Contribution
Other Emoluments
Highest Paid Director	100,113	66,742
Number of Employees	15	15
BALANCE SHEET	31/07/2001	Average
	18 months	1 year
	GBP	GBP
	Uncons.
	UK GAAP
Fixed Assets
Tangible Assets	9,911	9,911
Land & Buildings	0	0
Freehold Land
Leasehold Land
Fixtures & Fittings	0	0
Plant & Vehicles	9,911	9,911
Plant
Vehicles
Other Fixed Assets	0	0
Intangible Assets
Investments
Fixed Assets	9,911	9,911
Current Assets
Stock & W.I.P.
Stock
W.I.P.
Finished Goods
Trade Debtors	1,511,852	1,511,852
Bank & Deposits	88,269	88,269
Other Current Assets	367,853	367,853
Group Loans (asset)	42,472	42,472
Directors Loans (asset)	0	0
Other Debtors	325,381	325,381
Prepayments
Deferred Taxation
Investments
Current Assets	1,967,974	1,967,974
Current Liabilities
Trade Creditors	-1,775,251	-1,775,251
Short Term Loans & Overdrafts	-67,552	-67,552
Bank Overdrafts	0	0
Group Loans (short t.)	-67,552	-67,552
Director Loans (short t.)	0	0
Hire Purch. & Leas. (short t.)	0	0
Hire Purchase (short t.)
Leasing (short t.)
Other Short Term Loans	0	0
Total Other Current Liabilities	-150,074	-150,074
Corporation Tax	-80	-80
Dividends	0	0
Accruals & Def. Inc. (sh. t.)	-51,021	-51,021
Social Securities & V.A.T.	-98,723	-98,723
Other Current Liabilities	-250	-250
Current Liabilities	-1,992,877	-1,992,877
Net Current Assets (Liab.)	-24,903	-24,903
Net Tangible Assets (Liab.)	-14,992	-14,992
Working Capital	-263,399	-263,399
Total Assets	1,977,885	1,977,885
Total Assets less Cur. Liab.	-14,992	-14,992
Long Term Liabilities
Long Term Debt
Group Loans (long t.)
Director Loans (long t.)
Hire Purch. & Leas. (long t.)
Hire Purchase (long t.)
Leasing (long t.)
Other Long Term Loans
Total Other Long Term Liab.
Accruals & Def. Inc. (l. t.)
Other Long Term Liab.
Provisions for Other Liab.
Deferred Tax
Other Provisions
Pension Liabilities
Balance Sheet Minorities
Long Term Liabilities
Total Assets less Liabilities	-14,992	-14,992
Shareholders Funds
Issued Capital	100	100
Ordinary Shares
Preference Shares
Other Shares
Total Reserves	-15,092	-15,092
Share Premium Account	0	0
Revaluation Reserves	0	0
Profit (Loss) Account	-15,092	-15,092
Other Reserves	0	0
Shareholders Funds	-14,992	-14,992
CASH FLOW STATEMENT	31/07/2001	Average
	18 months	1 year
	GBP	GBP
	Uncons.
	UK GAAP
Net Cash In(Out)flow Operat. Activ.	162,646	108,431
Net Cash In(Out)flow Ret. on Invest.	-14,882	-9,921
Taxation
Net Cash Out(In)flow Investing Activ.
Capital Expenditure & Financ. Invest.	-12,032	-8,021
Acquisition & Disposal
Equity Dividends Paid
Management of Liquid Resources
Net Cash Out(In)flow from Financing	-47,463	-31,642
Increase(Decrease) Cash & Equiv.	88,269	58,846
FINANCIAL RATIOS	31/07/2001	Average
Current Ratio	0.99	0.99
Liquidity Ratio	0.99	0.99
Shareholders Liquidity Ratio
Solvency Ratio (%)	-0.76	-0.76
Asset Cover
Gearing (%)	n.s.	n.s.
Shareholders Funds per Empl. (Unit)	n.s.	n.s.
Working Capital per Employee (Unit)	-17,560	-17,560
Total Assets per Employee (Unit)	131,859	131,859

FINANCIAL TRENDS & CHANGES

There is no Financial Trends & Changes information available for this company.

PROFITABILITY RATIOS	31/07/2001	Average
Profit Margin (%)	-0.32	-0.32
Return on Shareholders Funds (%)	n.s.	n.s.
Return on Capital Employed (%)	66.76	66.76
Return on Total Assets (%)	-0.51	-0.51
Interest Cover	0.04	0.04
Stock Turnover
Debtors Turnover	2.05	2.05
Debtor Collection (days)	177.62	177.62
Creditors Payment (days)	208.57	208.57
Net Assets Turnover	n.s.	n.s.
Fixed Assets Turnover	313.46	313.46
Salaries/Turnover (%)	16.29	16.29
Gross Margin (%)	28.08	28.08
EBIT Margin (%)	0.01	0.01
EBITDA Margin (%)
Turnover per Employee (Unit)	207,114	207,114
Average Remun. per Employee (Unit)	33,740	33,740
Profit per Employee (Unit)	-667	-667

PROFITABILITY TRENDS & CHANGES

There is no Profitability Trends & Changes information available for this company.

CREDIT SCORE & RATING

Current QuiScore	(Year ending 31/07/2001)	n.a.
Previous Period's QuiScore	(Year ending )	n.a.
QuiRating (£)		n.a.		No QuiRating if QuiScore

The QuiScores and QuiRatings, which are developed and maintained by CRIF Decision Solutions Limited, take into account a range of factors. These include the presence of any adverse documents appearing against the company on the public file and the timeliness of getting the accounts filed. In addition, the underlying economic conditions are factored in to the equation. However, the most important factors relate to the financial performance of the company as evidenced by their balance sheet and profit and loss account. In determining a score, a number of separate calculations are performed using various combinations of the key financial items – these include turnover, pre-tax profit, working capital, intangibles, cash and bank deposits, creditors, bank loans and overdrafts, current assets, current liabilities, net assets, fixed assets, share capital, reserves, shareholders funds.

Please note that the historical QuiScores and QuiRatings shown for the latest years may differ from the current and previous QuiScores and QuiRatings. This is due to the fact that the calculations of historical scores and ratings are based on criteria available for the company at the time that the accounts were filed. As such, they do not take into account any subsequent events.

HISTORICAL CREDIT SCORE & RATING

There is no Historical Credit Score & Rating information available for this company

CURRENT DIRECTORS

		Name	First Name	Date of Birth	Position	Shareholder
1.		Mr E. Kilbane	Edward	11/09/1962	Director
2.		Mr M.K. Waters	Michael	21/05/1961	Director	Yes
3.		Ms A. Higgins	Anne	3/08/1971	Financial Controller
4.		Ms M. O'Malley	Marion	15/02/1971	Company Secretary

PREVIOUS DIRECTORS

		Name	First Name	Date of Birth	Position	Shareholder
1.		COMPANY DIRECTORS LIMITED			Director
2.		Mr D.J. Ganley	Declan	23/07/1968	Director
3.		Mr G.M. Hunter	Gary	9/11/1962	Director
4.		Mr M.J. Caulfield	Michael	12/07/1944	Director
5.		Mr A.T. McIntyre	Andrew	2/08/1968	Director
6.		Ms W.M. Hurley	Wendy		Company Secretary
7.		Mr G.M. Hunter	Gary	9/11/1962	Company Secretary

CONTACTS

There is no additional Contact Data available for this company, please see Director information.

SHAREHOLDERS FROM BvDEP
BvDEP Independence Indicator:U
The current shareholders of this company are unknown. Archived data is however available.

DETAILED SUBSIDIARIES (ROLL-UP STRUCTURE, FROM BVD)

There is no subsidiary information available for this company.

AUDIT DETAILS

		Uncons.
Statement Date		07/2001
Qualified/Unqualified Accounts		Unqualified
Post Balance Sheet Event		No
Contingent Liabilities		No
Audit Exemption		n.a.
Auditors Names :
	DAVIS GRANT LLP

FILING DETAILS

Last accounts filed :				31/07/2001	Last accounts on Fame :	31/07/2001
Last annual return filed :				8/02/2001	Last annual return on Fame :	8/02/2001
Last transaction at Companies House :				24/09/2003
Last change of name :				n.a.
Document filing dates :
	8/02/2001	Annual Return
	12/04/2001	Change of Directors
	9/05/2001	Change of Directors
	21/06/2001	Change of Directors
	31/07/2001	Accounts
	12/12/2001	A/c filed at CRO
	1/02/2002	Change in Reg. Office
	5/02/2002	Meeting of Creditors (Gazette)
	15/02/2002	App of Liquidator
	17/06/2003	Final Meeting of Creditor
	30/09/2003	Dissolution (Final)

TRADING ADDRESSES

There are no Trading Addresses available for this company.

See also Ganley International Accounts