REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 MARCH 2023 |
FOR |
GLOBAL INFOSYS LIMITED |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
GLOBAL INFOSYS LIMITED (REGISTERED NUMBER: 03859864) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
Fixed assets |
Property, plant and equipment | 3 |
Investments | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
Net current assets/(liabilities) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 8 |
Capital redemption reserve | 9 |
Retained earnings | 9 |
Shareholders' funds | 11 |
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 |
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 |
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 |
Tangible fixed assets |
Fixtures and fittings | - |
Office Equipment | - |
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 |
3. | Property, plant and equipment |
Fixtures |
and | Office |
fittings | Equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
Amount recoverable on contract | 68,333 | - |
Other Receivables |
Corporation tax |
Prepayments |
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 |
Other loans |
Trade creditors |
Corporation Tax |
Social security and other taxes |
VAT | 145,625 | 115,310 |
Credit card account | - | 1,848 |
Pension fund | 1,993 | 1,267 |
Accrued expenses |
7. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 37,000 | 37,000 |
9. | Reserves |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2022 | 79,126 |
Profit for the year |
At 31 March 2023 | 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 | ( |
) |
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 |