IRIS Accounts Production v22.2.0.402 10644076 director 1.3.21 28.2.22 28.2.22 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure106440762021-02-28106440762022-02-28106440762021-03-012022-02-28106440762020-02-29106440762020-03-012021-02-28106440762021-02-2810644076ns16:EnglandWales2021-03-012022-02-2810644076ns15:PoundSterling2021-03-012022-02-2810644076ns11:Director12021-03-012022-02-2810644076ns11:PrivateLimitedCompanyLtd2021-03-012022-02-2810644076ns11:SmallEntities2021-03-012022-02-2810644076ns11:AuditExempt-NoAccountantsReport2021-03-012022-02-2810644076ns11:SmallCompaniesRegimeForDirectorsReport2021-03-012022-02-2810644076ns11:SmallCompaniesRegimeForAccounts2021-03-012022-02-2810644076ns11:FullAccounts2021-03-012022-02-2810644076ns11:OrdinaryShareClass12021-03-012022-02-2810644076ns11:RegisteredOffice2021-03-012022-02-2810644076ns6:CurrentFinancialInstruments2022-02-2810644076ns6:CurrentFinancialInstruments2021-02-2810644076ns6:Non-currentFinancialInstruments2022-02-2810644076ns6:Non-currentFinancialInstruments2021-02-2810644076ns6:ShareCapital2022-02-2810644076ns6:ShareCapital2021-02-2810644076ns6:RetainedEarningsAccumulatedLosses2022-02-2810644076ns6:RetainedEarningsAccumulatedLosses2021-02-2810644076ns6:PlantMachinery2021-03-012022-02-2810644076ns6:ComputerEquipment2021-03-012022-02-2810644076ns6:PlantMachinery2021-02-2810644076ns6:ComputerEquipment2021-02-2810644076ns6:PlantMachinery2022-02-2810644076ns6:ComputerEquipment2022-02-2810644076ns6:PlantMachinery2021-02-2810644076ns6:ComputerEquipment2021-02-2810644076ns6:WithinOneYearns6:CurrentFinancialInstruments2022-02-2810644076ns6:WithinOneYearns6:CurrentFinancialInstruments2021-02-2810644076ns11:OrdinaryShareClass12022-02-28
REGISTERED NUMBER: 10644076 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 28 February 2022

for

Global Cover Solutions Ltd

Global Cover Solutions Ltd (Registered number: 10644076)






Contents of the Financial Statements
for the Year Ended 28 February 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Global Cover Solutions Ltd

Company Information
for the Year Ended 28 February 2022







DIRECTOR: D G Agudo





REGISTERED OFFICE: Northgate House
Northgate
Sleaford
Lincolnshire
NG34 7BZ





REGISTERED NUMBER: 10644076 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
Northgate House
Northgate
Sleaford
Lincolnshire
NG34 7BZ

Global Cover Solutions Ltd (Registered number: 10644076)

Balance Sheet
28 February 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 15,065 16,699

CURRENT ASSETS
Debtors 5 101,499 185,531
Cash at bank 32,733 23,356
134,232 208,887
CREDITORS
Amounts falling due within one year 6 83,061 82,146
NET CURRENT ASSETS 51,171 126,741
TOTAL ASSETS LESS CURRENT
LIABILITIES

66,236

143,440

CREDITORS
Amounts falling due after more than one
year

7

(35,000

)

(50,000

)

PROVISIONS FOR LIABILITIES (2,862 ) (3,173 )
NET ASSETS 28,374 90,267

CAPITAL AND RESERVES
Called up share capital 8 200 200
Retained earnings 28,174 90,067
SHAREHOLDERS' FUNDS 28,374 90,267

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 September 2022 and were signed by:





D G Agudo - Director


Global Cover Solutions Ltd (Registered number: 10644076)

Notes to the Financial Statements
for the Year Ended 28 February 2022

1. STATUTORY INFORMATION

Global Cover Solutions Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Computer equipment - 33.33% Straight line

Government grants
During the period the company received Government grants due to the impact of Covid-19. These amounts have been recognised using the accrual method and are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 5 ) .

Global Cover Solutions Ltd (Registered number: 10644076)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2022

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 March 2021 13,500 7,175 20,675
Additions 1,384 3,334 4,718
At 28 February 2022 14,884 10,509 25,393
DEPRECIATION
At 1 March 2021 546 3,430 3,976
Charge for year 3,468 2,884 6,352
At 28 February 2022 4,014 6,314 10,328
NET BOOK VALUE
At 28 February 2022 10,870 4,195 15,065
At 28 February 2021 12,954 3,745 16,699

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 69,943 117,408
Other debtors 31,556 68,123
101,499 185,531

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 7,500 -
Trade creditors 52,492 34,033
Amounts owed to group undertakings 4,972 18,000
Taxation and social security 15,947 28,163
Other creditors 2,150 1,950
83,061 82,146

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans 35,000 50,000

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
200 Ordinary £1 200 200