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Registration number: 13836792

Globelink Trading Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Globelink Trading Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Globelink Trading Ltd

Company Information

Director

Mr A D Barton

Registered office

15 Queen Square
Leeds
West Yorkshire
LS2 8AJ

Accountants

Cameron Alexander Accountants Limited
Chartered Certified Accountants
2 Western Street
Barnsley
S70 2BP

 

Globelink Trading Ltd

(Registration number: 13836792)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

301

401

Current assets

 

Stocks

4

5,136

4,500

Debtors

5

1,890

1,820

Cash at bank and in hand

 

1,689

77

 

8,715

6,397

Creditors: Amounts falling due within one year

6

(16,715)

(14,197)

Net current liabilities

 

(8,000)

(7,800)

Net liabilities

 

(7,699)

(7,399)

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

(7,700)

(7,400)

Shareholders' deficit

 

(7,699)

(7,399)

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 2 April 2024
 

.........................................
Mr A D Barton
Director

 

Globelink Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

Accounting policies

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

Tax

The tax expense for the period comprises deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Fixture & Fittings

- 25% Reducing balance

Computer Equipment

- 25% Reducing balance

 

Globelink Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Trade 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade 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.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Globelink Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

506

506

At 31 January 2024

506

506

Depreciation

At 1 February 2023

105

105

Charge for the year

100

100

At 31 January 2024

205

205

Carrying amount

At 31 January 2024

301

301

At 31 January 2023

401

401

4

Stocks

2024
£

2023
£

Other inventories

5,136

4,500

5

Debtors

Note

2024
£

2023
£

Prepayments

 

48

48

Deferred tax assets

1,842

1,772

 

1,890

1,820

 

Globelink Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

398

240

Taxation and social security

114

25

Accruals and deferred income

418

430

Other creditors

15,785

13,502

16,715

14,197

 

Globelink Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

8

Related party transactions

Transactions with the director

2024

At 1 February 2023
£

Repayments by director
£

At 31 January 2024
£

Mr A D Barton

No interest is charged on the loan and there is no fixed date of repayment

13,502

2,282

15,785

       
     

 

2023

At 10 January 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr A D Barton

No interest is charged on the loan and there is no fixed date of repayment

-

(1,738)

15,241

13,502