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Registration number: 11054040

Gls Global Ltd.
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 30 November 2023

 

Gls Global Ltd.

(Registration number: 11054040)
Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

177,738

186,751

Tangible assets

5

243,628

198,216

 

421,366

384,967

Current assets

 

Stocks

6

20,000

18,000

Debtors

7

26,558

37,525

Cash at bank and in hand

 

495,831

409,819

 

542,389

465,344

Creditors: Amounts falling due within one year

8

(271,973)

(195,951)

Net current assets

 

270,416

269,393

Total assets less current liabilities

 

691,782

654,360

Provisions for liabilities

(39,265)

(36,887)

Net assets

 

652,517

617,473

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

652,417

617,373

Shareholders' funds

 

652,517

617,473

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 23 July 2024 and signed on its behalf by:
 

 

Gls Global Ltd.

(Registration number: 11054040)
Statement of Financial Position as at 30 November 2023

.........................................
Mr S Kim
Director

 

Gls Global Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: 16 Elland Road, Walton-On-Thames, Surrey, KT12 3JT. United Kingdom.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of 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 current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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.

 

Gls Global Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Tangible assets

Tangible assets are stated in the statement of financial position 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

Short leasehold land and buildings

Straight line over the lease term

Fixtures and fittings

20% reducing balance

Plant and machinery

20% reducing balance

Office equipment

3 years straight line

Motor vehicles

20% reducing balance

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Brand names

Straight line over 25 years

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 debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Gls Global Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 45 (2022 - 44).

 

Gls Global Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Brand names
£

Total
£

Cost or valuation

At 1 December 2022

225,306

225,306

At 30 November 2023

225,306

225,306

Amortisation

At 1 December 2022

38,555

38,555

Amortisation charge

9,013

9,013

At 30 November 2023

47,568

47,568

Carrying amount

At 30 November 2023

177,738

177,738

At 30 November 2022

186,751

186,751

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

140,131

93,592

93,132

8,851

-

335,706

Additions

-

527

669

999

75,000

77,195

Disposals

-

-

-

(649)

-

(649)

At 30 November 2023

140,131

94,119

93,801

9,201

75,000

412,252

Depreciation

At 1 December 2022

28,440

54,982

48,895

5,173

-

137,490

Charge for the year

9,342

7,219

8,271

3,092

3,750

31,674

Eliminated on disposal

-

-

-

(540)

-

(540)

At 30 November 2023

37,782

62,201

57,166

7,725

3,750

168,624

Carrying amount

At 30 November 2023

102,349

31,918

36,635

1,476

71,250

243,628

At 30 November 2022

111,691

38,610

44,237

3,678

-

198,216

 

Gls Global Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Stocks

2023
£

2022
£

Raw materials and consumables

20,000

18,000

7

Debtors

2023
£

2022
£

Trade debtors

3,896

19,166

Other debtors

1,800

6,142

Prepayments

20,862

12,217

26,558

37,525

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

75,744

-

Taxation and social security

67,011

111,543

Accruals and deferred income

43,933

48,541

Other creditors

85,285

35,867

271,973

195,951