Company registration number 09902618 (England and Wales)
GLOBAL BLINDS & SHUTTERS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
GLOBAL BLINDS & SHUTTERS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
GLOBAL BLINDS & SHUTTERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
4
128,879
128,879
Current assets
Debtors
5
666,613
381,786
Cash at bank and in hand
84
942
666,697
382,728
Creditors: amounts falling due within one year
6
(509,366)
(70,566)
Net current assets
157,331
312,162
Net assets
286,210
441,041
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
286,209
441,040
Total equity
286,210
441,041
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 1 February 2024 and are signed on its behalf by:
Mr M Van Dongen
Mr J Albertini
Director
Director
Company registration number 09902618 (England and Wales)
GLOBAL BLINDS & SHUTTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Global Blinds & Shutters Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Williamsport Way, New Lion Barn Industrial Estate, Needham Market, Ipswich, IP6 8RW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Global Blinds & Shutters Limited is a wholly owned subsidiary of Global Mergers & Acquisitions Limited and the results of Global Blinds & Shutters Limited are included in the consolidated financial statements of Global Mergers & Acquisitions Limited which are available from the address in note 9 to the financial statements.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
GLOBAL BLINDS & SHUTTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
GLOBAL BLINDS & SHUTTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
The company has no employees except for the directors, who are not remunerated by Global Blinds & Shutters Ltd.
4
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
128,879
128,879
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
8,061
8,061
Amounts owed by group undertakings
11,539
53,732
Other debtors
647,013
319,993
666,613
381,786
GLOBAL BLINDS & SHUTTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
505,573
66,773
Other creditors
3,793
3,793
509,366
70,566
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Barry Gostling
Statutory Auditor:
Ensors Accountants LLP
Date of audit report:
2 February 2024
8
Financial commitments, guarantees and contingent liabilities
The Company has a cross guarantee in place with fellow group companies Global Mergers & Acquisitions Ltd and Global International Trading Ltd.
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts due to related parties
£
£
Other related parties
505,573
66,773
GLOBAL BLINDS & SHUTTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
9
Related party transactions
(Continued)
- 6 -
The following amounts were outstanding at the reporting end date:
2022
2022
2022
Balance
Provision
Net
Amounts due from related parties
£
£
£
Entities over which the entity has control, joint control or significant influence
300,013
60,614
239,399
Key management personnel
24,802
-
24,802
Other related parties
393,840
-
393,840
2021
2021
2021
Balance
Provision
Net
Amounts due in previous period
£
£
£
Entities with control, joint control or significant influence over the company
1
-
1
Entities over which the entity has control, joint control or significant influence
267,166
16,455
250,711
Key management personnel
24,802
-
24,802
10
Parent company
The parent company of Global Blinds & Shutters Limited is Global Mergers & Acquisitions Limited, a company incorporated in the United Kingdom. The registered office of the parent company is 3 Williamsport Way, New Lion Barn Industrial Estate, Needham Market, IP6 8RW.
Global Blinds & Acquisitions Limited is included in the consolidated financial statements of Global Mergers & Acquisitions Limited.