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COMPANY REGISTRATION NUMBER: 09024818
Global Green International (UK) Limited
Filleted Financial Statements
31 December 2023
Global Green International (UK) Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Global Green International (UK) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Current assets
Stocks
462,026
1,008,697
Debtors
4
1,227,877
606,529
Cash at bank and in hand
4,994
53,336
------------
------------
1,694,897
1,668,562
Creditors: amounts falling due within one year
5
1,545,842
1,591,430
------------
------------
Net current assets
149,055
77,132
---------
--------
Total assets less current liabilities
149,055
77,132
---------
--------
Net assets
149,055
77,132
---------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
148,955
77,032
---------
--------
Shareholders funds
149,055
77,132
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 2 April 2024 , and are signed on behalf of the board by:
D Narang
Director
Company registration number: 09024818
Global Green International (UK) Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vyman House, 104 College Road, Harrow, HA1 1BQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis,The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
2023
2022
£
£
Trade debtors
1,221,306
600,812
Other debtors
6,571
5,717
------------
---------
1,227,877
606,529
------------
---------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
53,721
189,267
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,459,418
1,374,924
Corporation tax
8,703
Other creditors
24,000
27,239
------------
------------
1,545,842
1,591,430
------------
------------
6. Summary audit opinion
The auditor's report dated 2 April 2024 was unqualified .
The senior statutory auditor was Mahendra Pattni , for and on behalf of RMR Partnership LLP .
7. Related party transactions
The company has taken advantage of the exemption available in FRS 102 (Section 33 "Related Party Disclosures") that disclosures need not be given of transactions that have taken place between two or more members of group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.