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REGISTERED NUMBER: 03390805 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

GLOBAL RESOURCING LTD

GLOBAL RESOURCING LTD (REGISTERED NUMBER: 03390805)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GLOBAL RESOURCING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTORS: G Harris
D A Cole
R A Johnson





SECRETARY: G Harris





REGISTERED OFFICE: 1 Waterside
Station Road
Harpenden
Hertfordshire
AL5 4US





REGISTERED NUMBER: 03390805 (England and Wales)





ACCOUNTANTS: Total Back Office Solutions Ltd
1 Waterside
Station Road
Harpenden
Hertfordshire
AL5 4US

GLOBAL RESOURCING LTD (REGISTERED NUMBER: 03390805)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,033 13,945

CURRENT ASSETS
Debtors 5 2,171,395 2,341,568
Cash at bank and in hand 158,008 101,437
2,329,403 2,443,005
CREDITORS
Amounts falling due within one year 6 1,399,845 1,657,363
NET CURRENT ASSETS 929,558 785,642
TOTAL ASSETS LESS CURRENT
LIABILITIES

937,591

799,587

CREDITORS
Amounts falling due after more than one
year

7

(34,915

)

(45,563

)

PROVISIONS FOR LIABILITIES (1,133 ) (2,170 )
NET ASSETS 901,543 751,854

CAPITAL AND RESERVES
Called up share capital 4,980 4,980
Share premium 26,253 26,253
Retained earnings 870,310 720,621
SHAREHOLDERS' FUNDS 901,543 751,854

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 9 September 2022 and were signed on its behalf by:





D A Cole - Director


GLOBAL RESOURCING LTD (REGISTERED NUMBER: 03390805)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

Global Resourcing 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.

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

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.
Improvements to property - Straight line over 3 years
Plant and machinery - Straight line over 3 years
Fixtures and fittings - 20% on reducing balance

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.

Factored debts
The company factors 80% of its contracted sales. The gross amount of the debts are shown as Trade Debtors and the factored amounts are included under creditors due within one year.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2020 - 20 ) .

GLOBAL RESOURCING LTD (REGISTERED NUMBER: 03390805)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 January 2021 15,825 190,310 76,474 282,609
Additions - 2,605 - 2,605
At 31 December 2021 15,825 192,915 76,474 285,214
DEPRECIATION
At 1 January 2021 8,969 184,772 74,923 268,664
Charge for year 5,275 2,932 310 8,517
At 31 December 2021 14,244 187,704 75,233 277,181
NET BOOK VALUE
At 31 December 2021 1,581 5,211 1,241 8,033
At 31 December 2020 6,856 5,538 1,551 13,945

5. DEBTORS
2021 2020
£    £   
Amounts falling due within one year:
Trade debtors 804,722 865,963
Other debtors 85,917 114,401
890,639 980,364

Amounts falling due after more than one year:
Amounts owed by group undertakings 1,280,756 1,361,204

Aggregate amounts 2,171,395 2,341,568

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 481,865 637,281
Taxation and social security 255,003 299,883
Other creditors 662,977 720,199
1,399,845 1,657,363

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£    £   
Bank loans 34,915 45,563

GLOBAL RESOURCING LTD (REGISTERED NUMBER: 03390805)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

8. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Other Loans 403,836 502,671

ABN Amro Asset Based Finance N.V. hold a debenture dated 22 September 2021 creating a fixed charge on certain assets and a floating charge on the remaining assets of the company and in particular incorporating a charge on all book debts or other debts now and in the future owing to the company.

National Westminster Bank plc holds a debenture dated 15 January 2010 securing all monies due or to become due from the company to National Westminster Bank plc on any account.

9. RELATED PARTY DISCLOSURES

Included within other debtors is an amount of £5,446 owed by Forbes Hunt Search & Selection Ltd (2020: 9,633), a company which Mr D Cole and Mr G Harris is a director and shareholder of.

Included within other debtors is an amount of £68,212 owed by Comrisk Associates Ltd, a subsidiary of the parent company, Global Resourcing Group Ltd.(2020: £68,212)

Included within other debtors is an amount of £1,280,756 owed by Global Resourcing Group Ltd, the company's parent (2020: £1,361,204)

Included within legal & professional fees is an amount of £32,500 for consultancy services provided by Clayton Cole Ltd, a company which Mr D Cole is a director and shareholder of.

10. ULTIMATE CONTROLLING PARTY



By virtue of his shareholding in Global Resourcing Group Ltd, Mr G Harris, the director, is the ultimate controlling party.