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Registered Number: 09545417
England and Wales

 

 

 

GLOBAL CORPORATE LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 May 2022

End date: 30 April 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 30,651    41,526 
30,651    41,526 
Current assets      
Debtors 4 868,516    320,648 
Cash at bank and in hand 7,495    165,167 
876,011    485,815 
Creditors: amount falling due within one year 5 (855,511)   (405,409)
Net current assets 20,500    80,406 
 
Total assets less current liabilities 51,151    121,932 
Creditors: amount falling due after more than one year 6 (61,824)   (85,029)
Provisions for liabilities 7   (7,890)
Net liabilities (10,673)   29,013 
 

Capital and reserves
     
Called up share capital 8 100    100 
Reserves 9  
Profit and loss account (10,773)   28,913 
Shareholder's funds (10,673)   29,013 
 


For the year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 18 October 2023 and were signed by:


-------------------------------
Michael Hartley
Director
1
General Information
Global Corporate Limited is a private company, limited by shares, registered in England and Wales, registration number 09545417, registration address 76 King Street, Manchester, Greater Manchester, M2 4NH.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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)
Going concern basis
The director believes that the company is experiencing sufficient levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, he has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown as sales 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.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Straight Line
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 25% Straight Line
Computer Equipment 25% Straight Line
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees


Average number of employees during the year was 1 (2022 : 1).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 May 2022 5,395    35,083    14,522    3,763    58,763 
Additions 273        1,582    1,855 
Disposals        
At 30 April 2023 5,668    35,083    14,522    5,345    60,618 
Depreciation
At 01 May 2022 2,515    8,771    4,072    1,879    17,237 
Charge for year 1,186    6,578    3,630    1,336    12,730 
On disposals        
At 30 April 2023 3,701    15,349    7,702    3,215    29,967 
Net book values
Closing balance as at 30 April 2023 1,967    19,734    6,820    2,130    30,651 
Opening balance as at 01 May 2022 2,880    26,312    10,450    1,884    41,526 

Assets held on Hire Purchase
At the balance sheet date the net book value of assets held on hire purchase was £19,734 (2022: 26,312). Depreciation for the period in respect of these assets was £6,578.(2022: £8,771).

4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 804,102    309,844 
Prepayments & Accrued Income 4,737    2,174 
Other Debtors 16,573    8,108 
PAYE & Social Security   522 
Directors' Current Accounts 43,104   
868,516    320,648 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 18,806    23,343 
Bank Loans & Overdrafts 18,885    17,310 
Corporation Tax 14,548    5,249 
Deferred Income 796,346    309,844 
Other Creditors (12,021)   1,959 
Obligations under HP/Financial Leases 4,058    4,058 
Directors' Current Accounts   14,141 
VAT 14,889    29,505 
855,511    405,409 

6.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 43,212    62,359 
Obligations Under HP/Financial Leases 18,612    22,670 
61,824    85,029 

7.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 7,890    16,252 
Charged to Profit & Loss (7,890)   (8,362)
  7,890 

8.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
1,000 Class shares of £0.10 each 100    100 
100    100 

9.

Reserves

2023
£
  2022
£
Revaluation Reserve b/fwd   77,280 
Transfer to Profit and Loss Account   (77,280)
 

10.

Director’s loan

Directors' Loan Account

The balance owing by the director to the company at year end was £43,104 (2022: £14,141 owed by the company to the director) including 2% interest. The loan is repayable on demand. 
2