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REGISTERED NUMBER: 10282327 (England and Wales)
















Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 December 2023

for


Globality UK Limited


Globality UK Limited (Registered number: 10282327)







Contents of the Financial Statements

for the Year Ended 31 December 2023





Page



Company Information  

1



Strategic Report  

2



Report of the Director  

3



Report of the Independent Auditors  

4



Income Statement  

7



Other Comprehensive Income  

8



Balance Sheet  

9



Statement of Changes in Equity  

10



Cash Flow Statement  

11



Notes to the Cash Flow Statement  

12



Notes to the Financial Statements

13




Globality UK Limited


Company Information

for the Year Ended 31 December 2023









DIRECTOR:

J Hyatt







REGISTERED OFFICE:

Fourth Floor St James House


St James' Square


Cheltenham


Gloucestershire


GL50 3PR







REGISTERED NUMBER:

10282327 (England and Wales)







AUDITORS:

Mark Arber Limited


Chartered Certified Accountants


& Statutory Auditors


71-75 Shelton Street


London


WC2H 9JQ


Globality UK Limited (Registered number: 10282327)


Strategic Report

for the Year Ended 31 December 2023


The director presents his strategic report for the year ended 31 December 2023.


REVIEW OF BUSINESS

The principal activity of the company is that of providing support services for its parent company Globality Inc, a company incorporated in the United States of America. No change in activities is anticipated and the directors expect the inter-company service agreement with Globality Inc. to continue for the at least twelve months from the date of this report.


PRINCIPAL RISKS AND UNCERTAINTIES

Regulation and compliance

The company does not operate in a highly regulated activity however, failure to comply with legal and regulatory obligations or react appropriately where non-compliance is identified could result in enforcement action and / or result in a financial liability. The company is aware of its key legal and regulatory obligations and has systems and controls in place to ensure those obligations are met in full.


Key client relationships

The company has only one customer, its parent company. If for any reason the parent company terminates the inter-company service agreement this would have a detrimental effect on the business and its ability to continue as a going concern. The directors have no reason to believe the inter-company service agreement will be terminated in the near future.


Macroeconomic environment

The demand for the company's goods and services is affected by the macro-economic environment in which it operates. The directors monitor the UK and global economies in order to ensure that risks to the company are minimised.


Liquidity risk

Failure to maintain adequate working capital could have an impact on the company's operations and its ability to continue as a going concern. The directors monitor the company's working capital needs and availability in order to ensure that the company has sufficient funds to maintain its operations and continues as a going concern.


Payment practice

While the company does not follow any code or standard regarding the payment of suppliers the company aims to pay

suppliers in accordance with their normal credit terms, or under terms agreed with individual suppliers.


ON BEHALF OF THE BOARD:






J Hyatt - Director



22 April 2024


Globality UK Limited (Registered number: 10282327)


Report of the Director

for the Year Ended 31 December 2023


The director presents his report with the financial statements of the company for the year ended 31 December 2023.


DIVIDENDS

No dividends will be distributed for the year ended 31 December 2023.


DIRECTORS

J Hyatt has held office during the whole of the period from 1 January 2023 to the date of this report.


Other changes in directors holding office are as follows:


D Barilla - resigned 3 February 2023


STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:






J Hyatt - Director



22 April 2024


Report of the Independent Auditors to the Members of

Globality UK Limited


Opinion

We have audited the financial statements of Globality UK Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.


Report of the Independent Auditors to the Members of

Globality UK Limited



Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of director's remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.  Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


- We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework including the Companies Act 2006 and the relevant tax compliance regulations in the UK.


- We understood how the Company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures.


- We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by discussing with management to understand where it considered there was a susceptibility to fraud. Where the risk was considered to be high, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud and error.


- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business, enquiries of Company management and focused testing. In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts with the requirements of the relevant accounting standards and UK legislation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.


Report of the Independent Auditors to the Members of

Globality UK Limited



Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Mark Arber (Senior Statutory Auditor)

for and on behalf of Mark Arber Limited

Chartered Certified Accountants

& Statutory Auditors

71-75 Shelton Street

London

WC2H 9JQ


22 April 2024


Globality UK Limited (Registered number: 10282327)


Income Statement

for the Year Ended 31 December 2023



31.12.23


31.12.22


Notes

£   

£   



TURNOVER

8,441,215


15,575,388




Administrative expenses

7,829,728


14,403,695



OPERATING PROFIT

4

611,487


1,171,693





Interest payable and similar expenses

5

21


3,840



PROFIT BEFORE TAXATION

611,466


1,167,853




Tax on profit

6

262,940


564,354



PROFIT FOR THE FINANCIAL YEAR

348,526


603,499




Globality UK Limited (Registered number: 10282327)


Other Comprehensive Income

for the Year Ended 31 December 2023



31.12.23


31.12.22


Notes

£   

£   



PROFIT FOR THE YEAR

348,526


603,499





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

348,526


603,499




Globality UK Limited (Registered number: 10282327)


Balance Sheet

31 December 2023



31.12.23


31.12.22


Notes

£   

£   


CURRENT ASSETS

Debtors

7

2,837,328


2,206,939



Cash at bank

83,436


587,322



2,920,764


2,794,261



CREDITORS

Amounts falling due within one year

8

172,235


394,258



NET CURRENT ASSETS

2,748,529


2,400,003



TOTAL ASSETS LESS CURRENT

LIABILITIES

2,748,529


2,400,003




CAPITAL AND RESERVES

Called up share capital

10

100


100



Share Option Reserve

11

332,441


332,441



Retained earnings

11

2,415,988


2,067,462



SHAREHOLDERS' FUNDS

2,748,529


2,400,003




The financial statements were approved by the director and authorised for issue on 22 April 2024 and were signed by:






J Hyatt - Director



Globality UK Limited (Registered number: 10282327)


Statement of Changes in Equity

for the Year Ended 31 December 2023



Called up


Share



share


Retained


Option


Total


capital


earnings


Reserve


equity

£   

£   

£   

£   


Balance at 1 January 2022

100


1,463,963


332,441


1,796,504




Changes in equity

Total comprehensive income

-


603,499


-


603,499



Balance at 31 December 2022

100


2,067,462


332,441


2,400,003




Changes in equity

Total comprehensive income

-


348,526


-


348,526



Balance at 31 December 2023

100


2,415,988


332,441


2,748,529




Globality UK Limited (Registered number: 10282327)


Cash Flow Statement

for the Year Ended 31 December 2023



31.12.23


31.12.22


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

645,866


1,367,525



Interest paid

(21

)

(3,840

)


Tax paid

(379,609

)

(506,876

)


Net cash from operating activities

266,236


856,809




Cash flows from financing activities

Amounts owed by group

(770,122

)

(731,525

)


Net cash from financing activities

(770,122

)

(731,525

)



(Decrease)/increase in cash and cash equivalents

(503,886

)

125,284



Cash and cash equivalents at beginning of

year

2

587,322


462,038




Cash and cash equivalents at end of year

2

83,436


587,322




Globality UK Limited (Registered number: 10282327)


Notes to the Cash Flow Statement

for the Year Ended 31 December 2023


1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS


31.12.23


31.12.22

£   

£   



Profit before taxation

611,466


1,167,853




Finance costs

21


3,840



611,487


1,171,693




Decrease in trade and other debtors

123,072


219,039




Decrease in trade and other creditors

(88,693

)

(23,207

)



Cash generated from operations

645,866


1,367,525




2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:



Year ended 31 December 2023


31.12.23


1.1.23

£   

£   



Cash and cash equivalents

83,436


587,322




Year ended 31 December 2022


31.12.22


1.1.22

£   

£   



Cash and cash equivalents

587,322


462,038





3.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.1.23

Cash flow

At 31.12.23

£   

£   

£   



Net cash



Cash at bank

587,322


(503,886

)

83,436



587,322


(503,886

)

83,436




Total

587,322


(503,886

)

83,436




Globality UK Limited (Registered number: 10282327)


Notes to the Financial Statements

for the Year Ended 31 December 2023


1.

STATUTORY INFORMATION



Globality UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


2.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.  



These financial statements have been drawn up on the going concern basis. The company is dependent upon the support of its parent company, and only customer, to meet its working capital requirements. The parent company has provided assurances that this support will continue for a period that exceeds twelve months from the date of approval of these financial statements. However, the group has incurred recurring losses from operations and has a net capital deficiency and is dependent upon its ability to raise capital to continue as a going concern and provide the necessary support. No adjustments have been made in these accounts which might result from a withdrawal of that support.



Significant judgements and estimates

Any estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.


Turnover


Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.



The company's sole customer is its ultimate parent company, to whom it is contracted by to deliver services under an intercompany agreement on a cost plus basis. This agreement does not take into account any share option expense.



Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.


Globality UK Limited (Registered number: 10282327)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


2.

ACCOUNTING POLICIES - continued



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.

Deferred tax is not recognised on timing differences arising on share based payments due to the material uncertainty as to when or if the timing differences will reverse and the value of the asset.


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.


Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.


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.


Share based payments


The employees of the company are entitled to participate in the group share based compensation scheme. Cost is recognised in these financial statements based on the fair value of the awards at the date of grant, amortized over any vesting period that may apply. The company has taken the exemption provided in FRS 102 Section 1.12D not to disclose details of share-based payment arrangements concerning equity instruments of another group entity.



Fixed assets


The company follows the group fixed asset policy not to capitalise individual items with a cost less than $3,000 and to charge them to the profit and loss account when put to use within the business.



A number of laptop computers are held in reserve and their cost of is included in other debtors. The laptops are charged to profit and loss when assigned to employees.



Cash and cash equivalents


Cash is measured at its nominal value. Cash equivalents are measured at fair value at the time of acquisition and subsequently at amortized cost using the effective interest method, if applicable.


Globality UK Limited (Registered number: 10282327)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


3.

EMPLOYEES AND DIRECTORS


31.12.23


31.12.22

£   

£   



Wages and salaries

5,931,812


10,571,525




Social security costs

605,068


1,207,379




Other pension costs

237,173


419,866



6,774,053


12,198,770





The average number of employees during the year was as follows:


31.12.23


31.12.22



Directors

1


2




Administration

42


87



43


89




During the current year one of the directors was remunerated by other group companies.


31.12.23


31.12.22

£   

£   



Directors' remuneration

242,031


350,000





Information regarding the highest paid director is as follows:


31.12.23


31.12.22

£   

£   



Emoluments etc

242,031


350,000




4.

OPERATING PROFIT



The operating profit is stated after charging/(crediting):



31.12.23


31.12.22

£   

£   



Other operating leases

467,719


721,627




Foreign exchange differences

(2

)

(225

)



5.

INTEREST PAYABLE AND SIMILAR EXPENSES



31.12.23


31.12.22

£   

£   



Interest

21


3,840




Globality UK Limited (Registered number: 10282327)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


6.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


31.12.23


31.12.22

£   

£   



Current tax:


UK corporation tax

239,709


368,882




Prior Year Taxation

6,570


(5,773

)



Total current tax

246,279


363,109





Deferred tax

16,661


201,245




Tax on profit

262,940


564,354




7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.12.23


31.12.22

£   

£   



Amounts owed by group undertakings

2,731,884


1,961,762




Other debtors

60,216


141,402




VAT

19,965


42,395




Deferred tax asset

8,763


25,424




Prepayments

16,500


35,956



2,837,328


2,206,939




8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.12.23


31.12.22

£   

£   



Trade creditors

64,956


34,178




Tax

38,447


171,777




Other creditors

149


13,884




Pension payable

35,050


87,907




Accrued expenses

33,633


86,512



172,235


394,258




9.

LEASING AGREEMENTS



Minimum lease payments under non-cancellable operating leases fall due as follows:


31.12.23


31.12.22

£   

£   



Within one year

128,700


60,000





In July 2023 the company signed a new twelve month lease agreement.


Globality UK Limited (Registered number: 10282327)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


10.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

31.12.23


31.12.22


value:

£   

£   



100

Ordinary

£1

100


100




11.

RESERVES


Share



Retained


Option



earnings


Reserve


Totals

£   

£   

£   




At 1 January 2023

2,067,462


332,441


2,399,903




Profit for the year

348,526


348,526




At 31 December 2023

2,415,988


332,441


2,748,429




12.

RELATED PARTY DISCLOSURES



The company has taken the exemption provided by FRS 102 Section 33.1A not to disclose related party transactions with wholly owned subsidiaries within the group.


13.

ULTIMATE CONTROLLING PARTY



The ultimate parent company is Globality Inc, a company incorporated in the USA. Copies of the group financial statements for this company, are available at its principal place of business at 395 Page Mill Rd, Ste 150, Palo Alto, CA 94306.. The ultimate controlling party is not known.