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Registration number: 11054040

Gls Global Ltd.

Annual Report and Unaudited Financial Statements - Companies House Filing

for the Year Ended 30 November 2021

 

Gls Global Ltd.

(Registration number: 11054040)
Statement of Financial Position as at 30 November 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

4

195,763

204,775

Tangible assets

5

222,120

243,780

 

417,883

448,555

Current assets

 

Stocks

6

12,500

8,500

Debtors

7

40,346

32,983

Cash at bank and in hand

 

629,431

306,917

 

682,277

348,400

Creditors: Amounts falling due within one year

8

(424,063)

(358,016)

Net current assets/(liabilities)

 

258,214

(9,616)

Total assets less current liabilities

 

676,097

438,939

Creditors: Amounts falling due after more than one year

8

(140,324)

(203,609)

Provisions for liabilities

(41,186)

(45,078)

Net assets

 

494,587

190,252

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

494,487

190,152

Shareholders' funds

 

494,587

190,252

For the financial year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 3 August 2022 and signed on its behalf by:
 

 

Gls Global Ltd.

(Registration number: 11054040)
Statement of Financial Position as at 30 November 2021

.........................................

Mr S Kim
Director

 

Gls Global Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: 16 Elland Road, Walton-On-Thames, Surrey, KT12 3JT, United Kingdom.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure. This includes the government Coronavirus Job Retention Scheme, the Eat Out to Help Out Scheme and local council COVID-19 grants. The Company has not directly benefited from any other forms of government assistance.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Gls Global Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold land and buildings

Straight line over the lease term

Plant and machinery

20% reducing balance

Fixtures and fittings

20% reducing balance

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated
amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair
value at the date of revaluation, as determined by reference to an active market, less any subsequent
accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

If there is an indication that there has been a significant change in the amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangible assets

Straight line over 25 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Gls Global Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 44 (2020 - 45).

 

Gls Global Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 December 2020

225,306

225,306

At 30 November 2021

225,306

225,306

Amortisation

At 1 December 2020

20,531

20,531

Amortisation charge

9,012

9,012

At 30 November 2021

29,543

29,543

Carrying amount

At 30 November 2021

195,763

195,763

At 30 November 2020

204,775

204,775

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 December 2020

140,131

93,592

78,899

-

312,622

Additions

-

-

7,386

6,676

14,062

At 30 November 2021

140,131

93,592

86,285

6,676

326,684

Depreciation

At 1 December 2020

9,756

33,266

25,820

-

68,842

Charge for the year

9,342

12,063

12,093

2,224

35,722

At 30 November 2021

19,098

45,329

37,913

2,224

104,564

Carrying amount

At 30 November 2021

121,033

48,263

48,372

4,452

222,120

At 30 November 2020

130,375

60,326

53,079

-

243,780

 

Gls Global Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

6

Stocks

2021
£

2020
£

Raw materials and consumables

12,500

8,500

7

Debtors

2021
£

2020
£

Trade debtors

28,078

23,013

Prepayments

12,268

9,970

40,346

32,983

8

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Bank loans and overdrafts

9

61,260

151,546

Trade creditors

 

11,752

-

Taxation and social security

 

116,962

44,570

Accruals and deferred income

 

36,768

2,651

Other creditors

 

197,321

159,249

 

424,063

358,016

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Loans and borrowings

9

140,324

203,609

9

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

140,324

203,609

2021
£

2020
£

Current loans and borrowings

Bank borrowings

61,260

151,546