Goal Global Recoveries Limited 06051774 false 2021-10-01 2022-09-30 2022-09-30 The principal activity of the company is The company uses proprietary software, and in-house expertise, to provide a comprehensive securities class action claims filing service, (directly or through the licensing of its software) to maximise returns to institutional investors whose investments h Digita Accounts Production Advanced 6.30.9574.0 true true true 06051774 2021-10-01 2022-09-30 06051774 2022-09-30 06051774 core:OtherReservesSubtotal 2022-09-30 06051774 core:RetainedEarningsAccumulatedLosses 2022-09-30 06051774 core:ShareCapital 2022-09-30 06051774 core:CurrentFinancialInstruments 2022-09-30 06051774 core:CurrentFinancialInstruments core:WithinOneYear 2022-09-30 06051774 core:Goodwill 2022-09-30 06051774 bus:SmallEntities 2021-10-01 2022-09-30 06051774 bus:AuditExemptWithAccountantsReport 2021-10-01 2022-09-30 06051774 bus:FullAccounts 2021-10-01 2022-09-30 06051774 bus:SmallCompaniesRegimeForAccounts 2021-10-01 2022-09-30 06051774 bus:RegisteredOffice 2021-10-01 2022-09-30 06051774 bus:CompanySecretary1 2021-10-01 2022-09-30 06051774 bus:Director12 2021-10-01 2022-09-30 06051774 bus:Director4 2021-10-01 2022-09-30 06051774 bus:PrivateLimitedCompanyLtd 2021-10-01 2022-09-30 06051774 bus:Agent1 2021-10-01 2022-09-30 06051774 core:Goodwill 2021-10-01 2022-09-30 06051774 1 2021-10-01 2022-09-30 06051774 countries:AllCountries 2021-10-01 2022-09-30 06051774 core:Goodwill 2021-09-30 06051774 2020-10-01 2021-09-30 06051774 2021-09-30 06051774 core:OtherReservesSubtotal 2021-09-30 06051774 core:RetainedEarningsAccumulatedLosses core:RestatedAmount 2021-09-30 06051774 core:ShareCapital 2021-09-30 06051774 core:CurrentFinancialInstruments core:WithinOneYear 2021-09-30 06051774 core:CurrentFinancialInstruments core:RestatedAmount 2021-09-30 06051774 core:Goodwill 2021-09-30 06051774 core:RestatedAmount 2021-09-30 iso4217:GBP xbrli:pure

Registrar

Registration number: 06051774

Goal Global Recoveries Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2022

 

Goal Global Recoveries Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Goal Global Recoveries Limited

Company Information

Directors

E S B Howard

J P Wearing

Company secretary

J Cole

Registered office

9 Perseverance Works
Kingsland Road
London
E2 8DD

Solicitors

Irwin Mitchell
40 Holborn Viaduct
London
EC1N 2PZ

Bankers

National Westminster Bank Plc
1 High Street
Croydon
CR9 1UY

 

Goal Global Recoveries Limited

(Registration number: 06051774)
Balance Sheet as at 30 September 2022

Note

2022
$

(As restated)
2021
$

Fixed assets

 

Intangible assets

5

21,902

24,858

Current assets

 

Debtors

6

14,179,211

11,741,199

Cash at bank and in hand

 

674,985

3,560,959

 

14,854,196

15,302,158

Creditors: Amounts falling due within one year

7

(36,603,520)

(39,968,596)

Net current liabilities

 

(21,749,324)

(24,666,438)

Net liabilities

 

(21,727,422)

(24,641,580)

Capital and reserves

 

Called up share capital

8

386

386

Foreign currency translation reserve

(287,873)

(287,873)

Profit and loss account

(21,439,935)

(24,354,093)

Total equity

 

(21,727,422)

(24,641,580)

For the financial year ended 30 September 2022 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 23 November 2023 and signed on its behalf by:
 

E S B Howard
Director

 

Goal Global Recoveries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 9 Perseverance Works, Kingsland Road, London, E2 8DD, United Kingdom.

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.

These financial statements are presented in US Dollars ($), which is the company's functional currency.

Summary of disclosure exemptions

The company has taken advantage of the exemption available from disclosing transactions with other members of the group in accordance with FRS102 Section 33.1a.

Going concern

At the time of signing these financial statements, the Directors have considered current financial performance, Profit and Loss Account and Cash Flow forecasts for twelve months from the date of signing and the ongoing management of the company and groups debt profile. The Directors consider these indicate the company and group will continue to trade and a result, have concluded the use of the Going Concern concept is an appropriate basis for the preparation of these financial statements.

Prior period restatement

The restatement in 2021 relates to the correction of sales agent fees. As a result, other debtors have increased by $298,379 with an overall decrease in Net Liabilities of $298,379 moving from $24,939,959 to $24,641,580.

Revenue recognition

Turnover is derived from the principal activities of the company being commissions earned on class action claims submitted on behalf of customers and subscription fees for the provision of class action solutions.

A new revenue recognition regime was implemented by management in 2021 to change the method of recognising income due to the fact that class action claims can take years to settle. The new regime therefore recognises 60% of commissions on the expected settlement when the claim is submitted, a further 30% of commissions will be recognised a year after the submission of the claim and then the balance of commissions will be recognised when the funds are received from the settled claim.

This replaces the previous policy of recognising 100% of commissions when the funds are received.

 

Goal Global Recoveries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

Foreign currency transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined are recognised in the Statement of Comprehensive Income.

Tax

Current tax is recognised in the profit and loss account, 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.

Deferred tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination made in 2007 and the acquirer's interest in the fair value of its identifiable assets and liabilities at the date of acquisition. Subject to initial recognition, goodwill is measured at cost less accumulated amortisation and 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

Goodwill

Straight Line over 20 years

Trade debtors

Trade debtors are amounts due from customers for the sale of class action services. Trade debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Share capital

Ordinary shares are classified as equity.

 

Goal Global Recoveries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

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 an 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

Debt instruments that are payable or receivable within one year, typically trade payables, receivables and intercompany balances, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations rather than its legal form.

The company's cash at bank, trade and other debtors, trade and other payables, intercompany balances, and bank overdrafts are measured initially at the transaction price, including transaction cost, and subsequently at amortised cost using the effective interest method. Debt instruments that are repayable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

The intercompany balances are considered annually for recoverability and any impairment.

Judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the financial position date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates. Areas of judgement and estimation that are mostly likely to have the most significant effect on the accounts are the recoverability of intercompany balances and revenue recognition. The estimates and underlying assumptions are reviewed on an ongoing basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2021 - 4).

4

Exceptional item

The exceptional item in the year relates to the write off of other creditors balances. The company attempted to repay these balances without success. Legal advice was taken before the amounts were written off.

 

Goal Global Recoveries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

5

Intangible assets

Goodwill
 $

Cost or valuation

At 1 October 2021

59,107

At 30 September 2022

59,107

Amortisation

At 1 October 2021

34,249

Amortisation charge

2,956

At 30 September 2022

37,205

Carrying amount

At 30 September 2022

21,902

At 30 September 2021

24,858

6

Debtors

2022
$

(As restated)
2021
$

Trade debtors

51,093

11,775

Amounts owed by Group undertakings

11,345,229

9,046,861

Other debtors

2,772,870

2,682,092

VAT debtor

2,565

471

Prepayments and accrued income

7,454

-

14,179,211

11,741,199

Included within Debtors are balances owed by group undertakings, whilst these amounts are due on demand, it is unlikely they will be repaid in full during the coming year.

7

Creditors

2022
 $

2021
 $

Due within one year

Trade creditors

-

22,963

Amounts owed to Group undertakings

2,112,909

-

Other creditors

34,334,135

39,739,492

Accruals and deferred income

156,476

206,141

36,603,520

39,968,596

Included within Creditors are balances owed to group undertakings, whilst these amounts are due on demand, it is unlikely they will be repaid in full during the coming year.

 

Goal Global Recoveries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

$

No.

$

Ordinary shares of £1 each

199

386

199

386

         

9

Parent and ultimate parent undertaking

The company's immediate parent is Goal Group Limited, incorporated in England and Wales.

No one person or party is deemed to have ultimate control of the company.