Registrar
Registration number:
for the Year Ended
Goal Global Recoveries Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Goal Global Recoveries Limited
Company Information
Directors |
E S B Howard J P Wearing |
Company secretary |
J Cole |
Registered office |
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Solicitors |
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Bankers |
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Goal Global Recoveries Limited
(Registration number: 06051774)
Balance Sheet as at 30 September 2022
Note |
2022 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Foreign currency translation reserve |
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( |
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Profit and loss account |
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Total equity |
( |
( |
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:
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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
Director
Goal Global Recoveries Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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
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
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. |
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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
Intangible assets |
Goodwill |
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Cost or valuation |
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At 1 October 2021 |
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At 30 September 2022 |
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Amortisation |
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At 1 October 2021 |
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Amortisation charge |
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At 30 September 2022 |
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Carrying amount |
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At 30 September 2022 |
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At 30 September 2021 |
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Debtors |
2022 |
(As restated) |
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Trade debtors |
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Amounts owed by Group undertakings |
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Other debtors |
2,772,870 |
2,682,092 |
VAT debtor |
2,565 |
471 |
Prepayments and accrued income |
7,454 |
- |
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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.
Creditors |
2022 |
2021 |
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Due within one year |
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Trade creditors |
- |
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Amounts owed to Group undertakings |
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- |
Other creditors |
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Accruals and deferred income |
156,476 |
206,141 |
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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
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
$ |
No. |
$ |
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Ordinary shares of £1 each |
199 |
386 |
199 |
386 |
Parent and ultimate parent undertaking |
The company's immediate parent is
No one person or party is deemed to have ultimate control of the company.