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Registration number: 09393158

Globechain (UK) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Globechain (UK) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Globechain (UK) Limited

Company Information

Accountants

Rotherham Taylor Limited
Chartered Accountants
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

Registered office

c/o 50 International
43 Upper Grosvenor Street
Mayfair
London
W1K 2NJ

Directors

Miss M Al-Karooni

Mr R C F Buckley

 

Globechain (UK) Limited

(Registration number: 09393158)
Balance Sheet as at 31 August 2023

Note

2023
 £

2022
 £

Fixed assets

 

Intangible assets

4

655

1,371

Tangible assets

5

15

15

 

670

1,386

Current assets

 

Debtors

6

54,089

69,822

Cash at bank and in hand

 

111,581

47,962

 

165,670

117,784

Creditors: Amounts falling due within one year

7

(47,087)

(64,935)

Net current assets

 

118,583

52,849

Net assets

 

119,253

54,235

Capital and reserves

 

Called up share capital

125

125

Share premium reserve

764,975

764,975

Other reserves

6,330

5,826

Profit and loss account

(652,177)

(716,691)

Total equity

 

119,253

54,235

For the financial year ending 31 August 2023 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 November 2023 and signed on its behalf by:
 

 

Globechain (UK) Limited

(Registration number: 09393158)
Balance Sheet as at 31 August 2023

.........................................
Miss M Al-Karooni
Director

   
     
 

Globechain (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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:
c/o 50 International
43 Upper Grosvenor Street
Mayfair
London
W1K 2NJ
England

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 have been prepared on a going concern basis as the directors confirm that they will continue to support the company to enable it to meet its obligations as they fall due.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Globechain (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Research and development

Expenditure on research and development is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.

Tax

The tax expense for the period comprises current 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Office equipment

33% straight line

Intangible assets

Trademarks have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

Trademarks

Straight line over 5 or 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Globechain (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

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, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Globechain (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Intangible assets

Trademarks
£

Total
£

Cost or valuation

At 1 September 2022

4,235

4,235

At 31 August 2023

4,235

4,235

Amortisation

At 1 September 2022

2,864

2,864

Amortisation charge

716

716

At 31 August 2023

3,580

3,580

Carrying amount

At 31 August 2023

655

655

At 31 August 2022

1,371

1,371

5

Tangible assets

Office Equipment
£

Total
£

Cost or valuation

At 1 September 2022

9,280

9,280

At 31 August 2023

9,280

9,280

Depreciation

At 1 September 2022

9,265

9,265

At 31 August 2023

9,265

9,265

Carrying amount

At 31 August 2023

15

15

At 31 August 2022

15

15

 

Globechain (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Debtors

2023
£

2022
£

Trade debtors

22,500

19,140

Prepayments

270

386

Other debtors

31,319

50,296

 

54,089

69,822

7

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Directors' loan accounts

8

16,376

16,324

Trade creditors

 

528

828

Taxation and social security

 

14,080

23,745

Other creditors

 

16,103

24,038

 

47,087

64,935

8

Loans and borrowings

2023
 £

2022
 £

Current loans and borrowings

Directors' loan accounts

16,376

16,324

Directors' loan accounts are non-interest bearing and repayable on demand.