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REGISTERED NUMBER: 10282327 (England and Wales)















Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 December 2022

for

Globality UK Limited

Globality UK Limited (Registered number: 10282327)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Globality UK Limited

Company Information
for the Year Ended 31 December 2022







DIRECTOR: J Hyatt





REGISTERED OFFICE: Fourth Floor St James House
St James' Square
Cheltenham
Gloucestershire
GL50 3PR





REGISTERED NUMBER: 10282327 (England and Wales)





AUDITORS: Mark Arber Limited
Chartered Certified Accountants
& Statutory Auditors
71-75 Shelton Street
London
WC2H 9JQ

Globality UK Limited (Registered number: 10282327)

Strategic Report
for the Year Ended 31 December 2022

The director presents his strategic report for the year ended 31 December 2022.

REVIEW OF BUSINESS
The principal activity of the company is that of providing support services for its parent company Globality Inc, a company incorporated in the United States of America. No change in activities is anticipated and the directors expect the inter-company service agreement with Globality Inc. to continue for the at least twelve months from the date of this report.

PRINCIPAL RISKS AND UNCERTAINTIES
Regulation and compliance
The company does not operate in a highly regulated activity however, failure to comply with legal and regulatory obligations or react appropriately where non-compliance is identified could result in enforcement action and / or result in a financial liability. The company is aware of its key legal and regulatory obligations and has systems and controls in place to ensure those obligations are met in full.

Key client relationships
The company has only one customer, its parent company. If for any reason the parent company terminates the inter-company service agreement this would have a detrimental effect on the business and its ability to continue as a going concern. The directors have no reason to believe the inter-company service agreement will be terminated in the near future.

Macroeconomic environment
The demand for the company's goods and services is affected by the macro-economic environment in which it operates. The directors monitor the UK and global economies in order to ensure that risks to the company are minimised.

Liquidity risk
Failure to maintain adequate working capital could have an impact on the company's operations and its ability to continue as a going concern. The directors monitor the company's working capital needs and availability in order to ensure that the company has sufficient funds to maintain its operations and continues as a going concern.

Payment practice
While the company does not follow any code or standard regarding the payment of suppliers the company aims to pay
suppliers in accordance with their normal credit terms, or under terms agreed with individual suppliers.

ON BEHALF OF THE BOARD:





J Hyatt - Director


6 November 2023

Globality UK Limited (Registered number: 10282327)

Report of the Director
for the Year Ended 31 December 2022

The director presents his report with the financial statements of the company for the year ended 31 December 2022.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2022.

DIRECTORS
The directors who have held office during the period from 1 January 2022 to the date of this report are as follows:

E K Bardman - resigned 1 October 2022
J Hyatt - appointed 1 October 2022

D Barilla ceased to be a director after 31 December 2022 but prior to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





J Hyatt - Director


6 November 2023

Report of the Independent Auditors to the Members of
Globality UK Limited

Opinion
We have audited the financial statements of Globality UK Limited (the 'company') for the year ended 31 December 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Emphasis of matter
As highlighted in note 2 to the financial statements these accounts have been drawn up on the going concern basis. The company is dependent upon the support of its shareholder and director in order to meet its working capital requirements. The director has considered the future working capital requirements of the company for a period that exceeds twelve months from the date of approval of these financial statements. On the basis of these forecasts the director believes the going concern basis is appropriate. Our report is not qualified in this respect.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
Globality UK Limited


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Globality UK Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework including the Companies Act 2006 and the relevant tax compliance regulations in the UK.

- We understood how the Company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures.

- We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by discussing with management to understand where it considered there was a susceptibility to fraud. Where the risk was considered to be high, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud and error.

- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business, enquiries of Company management and focused testing. In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts with the requirements of the relevant accounting standards and UK legislation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mark Arber (Senior Statutory Auditor)
for and on behalf of Mark Arber Limited
Chartered Certified Accountants
& Statutory Auditors
71-75 Shelton Street
London
WC2H 9JQ

6 November 2023

Globality UK Limited (Registered number: 10282327)

Income Statement
for the Year Ended 31 December 2022

31.12.22 31.12.21
Notes £    £   

TURNOVER 15,575,388 13,963,045

Administrative expenses 14,403,695 12,929,870
OPERATING PROFIT 4 1,171,693 1,033,175


Interest payable and similar expenses 5 3,840 -
PROFIT BEFORE TAXATION 1,167,853 1,033,175

Tax on profit 6 564,354 106,240
PROFIT FOR THE FINANCIAL YEAR 603,499 926,935

Globality UK Limited (Registered number: 10282327)

Other Comprehensive Income
for the Year Ended 31 December 2022

31.12.22 31.12.21
Notes £    £   

PROFIT FOR THE YEAR 603,499 926,935


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

603,499

926,935

Globality UK Limited (Registered number: 10282327)

Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £   
CURRENT ASSETS
Debtors 7 2,206,939 1,895,698
Cash at bank 587,322 462,038
2,794,261 2,357,736
CREDITORS
Amounts falling due within one year 8 394,258 561,232
NET CURRENT ASSETS 2,400,003 1,796,504
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,400,003

1,796,504

CAPITAL AND RESERVES
Called up share capital 10 100 100
Share Option Reserve 11 332,441 332,441
Retained earnings 11 2,067,462 1,463,963
SHAREHOLDERS' FUNDS 2,400,003 1,796,504

The financial statements were approved by the director and authorised for issue on 6 November 2023 and were signed by:





J Hyatt - Director


Globality UK Limited (Registered number: 10282327)

Statement of Changes in Equity
for the Year Ended 31 December 2022

Called up Share
share Retained Option Total
capital earnings Reserve equity
£    £    £    £   

Balance at 1 January 2021 100 537,028 332,441 869,569

Changes in equity
Total comprehensive income - 926,935 - 926,935
Balance at 31 December 2021 100 1,463,963 332,441 1,796,504

Changes in equity
Total comprehensive income - 603,499 - 603,499
Balance at 31 December 2022 100 2,067,462 332,441 2,400,003

Globality UK Limited (Registered number: 10282327)

Cash Flow Statement
for the Year Ended 31 December 2022

31.12.22 31.12.21
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,367,525 970,733
Interest paid (3,840 ) -
Tax paid (506,876 ) (170,113 )
Net cash from operating activities 856,809 800,620

Cash flows from financing activities
Amounts owed by group (731,525 ) (649,927 )
Net cash from financing activities (731,525 ) (649,927 )

Increase in cash and cash equivalents 125,284 150,693
Cash and cash equivalents at beginning of
year

2

462,038

311,345

Cash and cash equivalents at end of year 2 587,322 462,038

Globality UK Limited (Registered number: 10282327)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2022

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.22 31.12.21
£    £   
Profit before taxation 1,167,853 1,033,175
Finance costs 3,840 -
1,171,693 1,033,175
Decrease/(increase) in trade and other debtors 219,039 (155,090 )
(Decrease)/increase in trade and other creditors (23,207 ) 92,648
Cash generated from operations 1,367,525 970,733

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 587,322 462,038
Year ended 31 December 2021
31.12.21 1.1.21
£    £   
Cash and cash equivalents 462,038 311,345


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.22 Cash flow At 31.12.22
£    £    £   
Net cash
Cash at bank 462,038 125,284 587,322
462,038 125,284 587,322
Total 462,038 125,284 587,322

Globality UK Limited (Registered number: 10282327)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Globality UK Limited 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These accounts have been drawn up on the going concern basis. The company is dependent upon the support of its parent company, and only customer, in order to meet its working capital requirements. The parent company intends to raise capital early in 2024 in order to fulfil its funding requirements continue as a going concern. The directors of the parent company are confident the funding target will be met. No adjustments have been made in these accounts which might result from parent company not securing the necessary funding it requires.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company's sole customer is its ultimate parent company, to whom it is contracted by to deliver services under an intercompany agreement on a cost plus basis. This agreement does not take into account any share option expense.

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.

Deferred tax is not recognised on timing differences arising on share based payments due to the material uncertainty as to when or if the timing differences will reverse and the value of the asset.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Globality UK Limited (Registered number: 10282327)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

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.

Share based payments
The company has taken the exemption provided in FRS 102 Section 1.12D not to disclose details of share-based payment arrangements concerning equity instruments of another group entity.

Fixed assets
The company follows the group fixed asset policy not to capitalise individual items with a cost less than $3,000 and to charge them to the profit and loss account when put to use within the business.

A number of laptop computers are held in reserve and their cost of is included in other debtors. The laptops are charged to profit and loss when assigned to employees.

3. EMPLOYEES AND DIRECTORS
31.12.22 31.12.21
£    £   
Wages and salaries 10,571,525 8,900,568
Social security costs 1,207,379 984,142
Other pension costs 419,866 357,312
12,198,770 10,242,022

The average number of employees during the year was as follows:
31.12.22 31.12.21

Directors 2 2
Administration 87 77
89 79

One of the directors is remunerated by a group company and does not receive remuneration from Globality UK Limited. Other directors are remunerated by Globality UK Limited.

31.12.22 31.12.21
£    £   
Directors' remuneration 350,000 350,000

Information regarding the highest paid director is as follows:
31.12.22 31.12.21
£    £   
Emoluments etc 350,000 350,000

Globality UK Limited (Registered number: 10282327)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.22 31.12.21
£    £   
Other operating leases 721,627 627,523
Auditors' remuneration - 6,450
Foreign exchange differences (225 ) 1,125

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.22 31.12.21
£    £   
Interest 3,840 -

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.22 31.12.21
£    £   
Current tax:
UK corporation tax 368,882 315,544
Prior Year Taxation (5,773 ) 9,155
Total current tax 363,109 324,699

Deferred tax 201,245 (218,459 )
Tax on profit 564,354 106,240

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade debtors - 6,131
Amounts owed by group undertakings 1,961,762 1,230,237
Other debtors 141,402 177,448
VAT 42,395 190,793
Deferred tax asset 25,424 226,669
Prepayments 35,956 64,420
2,206,939 1,895,698

Globality UK Limited (Registered number: 10282327)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade creditors 34,178 126,563
Tax 171,777 315,544
Other creditors 13,884 -
Pension payable 87,907 81,298
Accrued expenses 86,512 37,827
394,258 561,232

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.22 31.12.21
£    £   
Within one year 60,000 660,000

The company's fixed period operating lease for its office space came to an end in November 2022 and the lease continued on a one month rolling contract, the liability for this is detailed above.

In July 2023 the company signed a new twelve month lease agreement for a total commitment of £257,400..

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.22 31.12.21
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Share
Retained Option
earnings Reserve Totals
£    £    £   

At 1 January 2022 1,463,963 332,441 1,796,404
Profit for the year 603,499 603,499
At 31 December 2022 2,067,462 332,441 2,399,903

12. RELATED PARTY DISCLOSURES

The company has taken the exemption provided by FRS 102 Section 33.1A not to disclose related party transactions with wholly owned subsidiaries within the group.

Globality UK Limited (Registered number: 10282327)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

13. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Globality Inc, a company incorporated in the USA. Copies of the group financial statements for this company, are available at its principal place of business at 395 Page Mill Rd, Ste 150, Palo Alto, CA 94306.. The ultimate controlling party is not known.

14. SHARE-BASED PAYMENTS

The company has taken the exemption provided in FRS 102 Section 1.12D not to disclose details of share-based payment arrangements concerning equity instruments of another group entity.