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REGISTERED NUMBER: 08176465 (United Kingdom)















Unaudited Financial Statements for the Year Ended 31 August 2023

for

GLOBAL TOOLING SOLUTIONS LIMITED

GLOBAL TOOLING SOLUTIONS LIMITED (REGISTERED NUMBER: 08176465)

Contents of the Financial Statements
for the Year Ended 31 August 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


GLOBAL TOOLING SOLUTIONS LIMITED (REGISTERED NUMBER: 08176465)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 488 1,358
Tangible assets 5 46,773 61,067
47,261 62,425

CURRENT ASSETS
Stocks 6 14,256 17,367
Debtors 7 51,148 68,852
Cash at bank 22,698 50,458
88,102 136,677
CREDITORS
Amounts falling due within one year 8 32,331 36,728
NET CURRENT ASSETS 55,771 99,949
TOTAL ASSETS LESS CURRENT LIABILITIES 103,032 162,374

CREDITORS
Amounts falling due after more than one
year

9

(35,248

)

(37,493

)

PROVISIONS FOR LIABILITIES (8,887 ) (11,603 )
NET ASSETS 58,897 113,278

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 58,797 113,178
SHAREHOLDERS' FUNDS 58,897 113,278

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GLOBAL TOOLING SOLUTIONS LIMITED (REGISTERED NUMBER: 08176465)

Balance Sheet - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2024 and were signed on its behalf by:





Mr A P Young - Director


GLOBAL TOOLING SOLUTIONS LIMITED (REGISTERED NUMBER: 08176465)

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


1. STATUTORY INFORMATION

Global Tooling Solutions Limited is a private company, limited by shares , registered in United Kingdom. The company's registered number and registered office address are as below:

Registered number: 08176465

Registered office: 19 Afon Gardens
Ponthir
Newport
Gwent
NP18 1PR

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% - 50% Straight line
Fixtures and fittings - 10% - 50% Straight line
Motor vehicles - 15% - 33% Straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


GLOBAL TOOLING SOLUTIONS LIMITED (REGISTERED NUMBER: 08176465)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 September 2022
and 31 August 2023 3,150
AMORTISATION
At 1 September 2022 1,792
Amortisation for year 870
At 31 August 2023 2,662
NET BOOK VALUE
At 31 August 2023 488
At 31 August 2022 1,358

GLOBAL TOOLING SOLUTIONS LIMITED (REGISTERED NUMBER: 08176465)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 September 2022 65,989 23,273 59,873 149,135
Additions 658 266 - 924
At 31 August 2023 66,647 23,539 59,873 150,059
DEPRECIATION
At 1 September 2022 62,176 21,100 4,792 88,068
Charge for year 3,987 2,254 8,977 15,218
At 31 August 2023 66,163 23,354 13,769 103,286
NET BOOK VALUE
At 31 August 2023 484 185 46,104 46,773
At 31 August 2022 3,813 2,173 55,081 61,067

6. STOCKS
2023 2022
£    £   
Stocks 14,256 17,367

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 42,018 51,055
Other debtors 6,877 15,844
Prepayments 2,253 1,953
51,148 68,852

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) 4,407 4,403
Trade creditors 8,611 14,354
Social security and other taxes 6,858 6,238
Other creditors 9,873 8,785
Accrued expenses 2,582 2,948
32,331 36,728

GLOBAL TOOLING SOLUTIONS LIMITED (REGISTERED NUMBER: 08176465)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) 35,248 37,493

Liabilities relating to hire purchase contracts are secured against the assets to which they relate.

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 4,407 4,403
Between one and five years 35,248 37,493
39,655 41,896

Non-cancellable operating leases
2023 2022
£    £   
Within one year 11,465 12,691
Between one and five years - 10,663
11,465 23,354

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
55 Ordinary £1 55 55
35 Ordinary "A" £1 35 35
10 Ordinary "B" £1 10 10
100 100