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Registration number: 03806415

Global Initiative Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Global Initiative Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Global Initiative Limited

Company Information

Directors

Mr Gareth Nixon

Mr Chris Sinclair

Company secretary

Mr Gareth Nixon

Registered office

33-35 George Street
Oxford
Oxfordshire
OX1 2AY

Accountants

TSH Professional Services Ltd
89 High Street
Thame
Oxfordshire
OX9 3EH

 

Accountants' Report to the Board of Directors on the
Preparation of the Unaudited Statutory Accounts of
Global Initiative Limited
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Global Initiative Limited for the year ended 31 July 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Global Initiative Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Global Initiative Limited and state those matters that we have agreed to state to the Board of Directors of Global Initiative Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Global Initiative Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Global Initiative Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Global Initiative Limited. You consider that Global Initiative Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Global Initiative Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

TSH Professional Services Ltd
89 High Street
Thame
Oxfordshire
OX9 3EH

30 July 2024

 

Global Initiative Limited

(Registration number: 03806415)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

43,223

48,166

Other financial assets

6

49,766

49,766

 

92,989

97,932

Current assets

 

Stocks

7

37,758

110,915

Debtors

8

62,185

518,092

Cash at bank and in hand

 

993,545

776,470

 

1,093,488

1,405,477

Creditors: Amounts falling due within one year

9

(187,274)

(265,835)

Net current assets

 

906,214

1,139,642

Total assets less current liabilities

 

999,203

1,237,574

Provisions for liabilities

(10,765)

(12,000)

Net assets

 

988,438

1,225,574

Capital and reserves

 

Called up share capital

10

108

108

Retained earnings

988,330

1,225,466

Shareholders' funds

 

988,438

1,225,574

 

Global Initiative Limited

(Registration number: 03806415)
Balance Sheet as at 31 July 2023

For the financial year ending 31 July 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

.........................................
Mr Gareth Nixon
Company secretary and director

 

Global Initiative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
33-35 George Street
Oxford
Oxfordshire
OX1 2AY
England

These financial statements were authorised for issue by the Board on 30 July 2024.

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 expressed in pounds sterling and rounded to the nearet pound.

Revenue recognition

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

 

Global Initiative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Office equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

10% per annum

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Global Initiative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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 creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 16).

 

Global Initiative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

5,000

5,000

At 31 July 2023

5,000

5,000

Amortisation

At 1 August 2022

5,000

5,000

At 31 July 2023

5,000

5,000

Carrying amount

At 31 July 2023

-

-

5

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

129,693

129,693

Additions

7,098

7,098

At 31 July 2023

136,791

136,791

Depreciation

At 1 August 2022

81,527

81,527

Charge for the year

12,041

12,041

At 31 July 2023

93,568

93,568

Carrying amount

At 31 July 2023

43,223

43,223

At 31 July 2022

48,166

48,166

 

Global Initiative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Other financial assets (current and non-current)

Financial assets at amortised cost
£

Total
£

Non-current financial assets

Cost or valuation

At 1 August 2022

49,766

49,766

At 31 July 2023

49,766

49,766

Impairment

Carrying amount

At 31 July 2023

49,766

49,766

7

Stocks

2023
£

2022
£

Work in progress

37,758

110,915

8

Debtors

Current

2023
£

2022
£

Trade debtors

29,365

523,357

Prepayments

11,960

3,388

Other debtors

20,860

(8,653)

 

62,185

518,092

 

Global Initiative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

33,312

22,024

Taxation and social security

71,271

158,795

Accruals and deferred income

13,050

15,700

Other creditors

69,641

69,316

187,274

265,835

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £0.01 each

10,843

108

10,843

108

       

11

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £8.40 (2022 - £6.65) per each Ordinary

84,000

66,500

 

 

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £242,000 (2022 - £286,000). This represents property lease payment commitments for the period to March 2029.

13

Related party transactions

The dividends declared were paid to the directors.