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REGISTERED NUMBER: 03859864 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2023

FOR

GLOBAL INFOSYS LIMITED

GLOBAL INFOSYS LIMITED (REGISTERED NUMBER: 03859864)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


GLOBAL INFOSYS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







Directors: Shailesh Patel
Tariq Husain





Registered office: 3rd Floor, Bank House
7 St John's Road
Harrow
Middlesex
HA1 2EY





Registered number: 03859864 (England and Wales)






GLOBAL INFOSYS LIMITED (REGISTERED NUMBER: 03859864)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £   
Fixed assets
Property, plant and equipment 3 - 15,115
Investments 4 139,048 139,048
139,048 154,163

Current assets
Debtors 5 518,548 390,157
Cash at bank 37,342 51,085
555,890 441,242
Creditors
Amounts falling due within one year 6 (548,366 ) (445,666 )
Net current assets/(liabilities) 7,524 (4,424 )
Total assets less current liabilities 146,572 149,739

Creditors
Amounts falling due after more than one year 7 (24,022 ) (33,613 )
Net assets 122,550 116,126

Capital and reserves
Called up share capital 8 37,000 37,000
Capital redemption reserve 9 3,000 3,000
Retained earnings 9 82,550 76,126
Shareholders' funds 11 122,550 116,126

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 INFOSYS LIMITED (REGISTERED NUMBER: 03859864)

BALANCE SHEET - continued
31 MARCH 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 Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2023 and were signed on its behalf by:





Shailesh Patel - Director


GLOBAL INFOSYS LIMITED (REGISTERED NUMBER: 03859864)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Office Equipment - 33.33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Fixed assets investments
Investments in subsidiary undertakings are accounted for 'stated at cost less impairment'.

Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of VAT. In respect contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by reference to the stage of completion

GLOBAL INFOSYS LIMITED (REGISTERED NUMBER: 03859864)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. Employees and directors

The average number of employees during the year was 10 (2022 - 10 ) .

3. Property, plant and equipment
Fixtures
and Office
fittings Equipment Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 26,594 108,018 134,612
DEPRECIATION
At 1 April 2022 26,395 93,102 119,497
Charge for year 199 14,916 15,115
At 31 March 2023 26,594 108,018 134,612
NET BOOK VALUE
At 31 March 2023 - - -
At 31 March 2022 199 14,916 15,115

4. Fixed asset investments

Investments (unlisted) are as follows:
2023 2022
£ £
Investment in subsidiary undertaking 139,048 139,048

The wholly owned subsidary undertaking is GI Infotech Limited company incorporated in India

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 250,614 354,635
Amount recoverable on contract 68,333 -
Other Receivables 101,745 -
Corporation tax 11,491 11,492
Prepayments 86,365 24,030
518,548 390,157

GLOBAL INFOSYS LIMITED (REGISTERED NUMBER: 03859864)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Other loans 236,746 126,746
Trade creditors 123,620 136,732
Corporation Tax 5,052 -
Social security and other taxes 15,418 11,488
VAT 145,625 115,310
Credit card account - 1,848
Pension fund 1,993 1,267
Accrued expenses 9,912 42,275
548,366 445,666

7. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 14,022 23,613
24,022 33,613

8. Called up share capital


Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
37,000 Ordinary £1 37,000 37,000

9. Reserves
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2022 76,126 3,000 79,126
Profit for the year 6,424 6,424
At 31 March 2023 82,550 3,000 85,550

10. Related party disclosures

Included under other loans is a balance of £63,365 (2022: £63,365) owed to Shailesh V. Patel which is repayable on demand.

Included in other loans, balance of £110,000 owed to Macalvins Limited, which is connected by having common directors.

GLOBAL INFOSYS LIMITED (REGISTERED NUMBER: 03859864)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

11. Reconciliation of movements in shareholders' funds
2023 2022
£    £   
Profit/(loss) for the financial year 6,424 (74,267 )
Opening reserves - 190,393
Net addition to shareholders' funds 6,424 116,126
Opening shareholders' funds 116,126 -
Closing shareholders' funds 122,550 116,126