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Registered number: 06277352









GLOBALLOGIC (UK) LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
GLOBALLOGIC (UK) LIMITED
REGISTERED NUMBER: 06277352

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
103,611
142,025

  
103,611
142,025

Current assets
  

Debtors: amounts falling due within one year
 6 
14,986,225
16,408,436

Cash at bank and in hand
 7 
817,701
606,600

  
15,803,926
17,015,036

Creditors: amounts falling due within one year
 8 
(587,193)
(1,442,642)

Net current assets
  
 
 
15,216,733
 
 
15,572,394

Creditors: amounts falling due after more than one year
 9 
(24,610)
(144,401)

Deferred tax
  
-
(4,858)

  
 
 
-
 
 
(4,858)

Net assets
  
15,295,734
15,565,160

Page 1

 
GLOBALLOGIC (UK) LIMITED
REGISTERED NUMBER: 06277352
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
  
1
1

Other reserves
 10 
16,876,051
16,876,051

Profit and loss account
 10 
(1,580,318)
(1,310,892)

  
15,295,734
15,565,160


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
M I Farrington
Director

Date: 23 July 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
GLOBALLOGIC (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

GlobalLogic (UK) Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act.
The Company is a private company limited by shares and is registered in England and Wales. The address of the Company's registered office is Birchin Court 5th Floor, 19-25 Birchin Lane, London, EC3V 9DU.
The financial statements are presented in pounds sterling, which is the functional currency of the company, and rounded to the nearest whole £.
The principal activity of the Company is that of sales and marketing support for fellow group companies. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have received a guarantee of continued financial support from its parent company, the directors have made the necessary enquiries to ensure that such financial support will continue to be available and accessible for the foreseeable future but no less than 12 months from the approval of these financial statements. As a result, they have continued to adopt the going concern basis of accounting.

 
2.3

Revenue

Revenue derived from fellow group companies under the sales and marketing agreement in place is recognised when chargeable costs are incurred.
Revenue from contracts with external customers is recognised in line with delivery of the contract.
Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Page 3

 
GLOBALLOGIC (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Long-term leasehold property
-
5 years
Fixtures and fittings
-
3 to 5 years
Computer equipment
-
3 years
Other fixed assets
-
2 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries acquired as part of a group restructure are stated at original cost to the transferring entity, less accumulated impairment.  

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
GLOBALLOGIC (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Foreign currency translation

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.15

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 
GLOBALLOGIC (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 24 (2023 - 25).

Page 6

 
GLOBALLOGIC (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
3,314,087



At 31 March 2024

3,314,087



Amortisation


At 1 April 2023
3,314,087



At 31 March 2024

3,314,087



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 7

 
GLOBALLOGIC (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Computer equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
89,388
148,670
267,651
8,145
513,854


Additions
-
-
20,306
1,760
22,066


Disposals
-
-
(9,781)
-
(9,781)



At 31 March 2024

89,388
148,670
278,176
9,905
526,139



Depreciation


At 1 April 2023
23,285
120,016
222,968
5,560
371,829


Charge for the year on owned assets
17,358
11,281
25,245
2,371
56,255


Disposals
-
-
(5,556)
-
(5,556)



At 31 March 2024

40,643
131,297
242,657
7,931
422,528



Net book value



At 31 March 2024
48,745
17,373
35,519
1,974
103,611



At 31 March 2023
66,103
28,654
44,683
2,585
142,025




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Long leasehold
48,745
66,103


Page 8

 
GLOBALLOGIC (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
530,674
5,766

Amounts owed by group undertakings
14,274,397
16,345,153

Other debtors
65
57,517

Prepayments and accrued income
181,089
-

14,986,225
16,408,436



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
817,701
606,600



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
22,618
40,144

Amounts owed to group undertakings
84,676
173,964

Corporation tax
163,284
218,180

Other taxation and social security
144,056
176,107

Other creditors
10,927
2,221

Accruals and deferred income
161,632
832,026

587,193
1,442,642



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
24,610
144,401


Page 9

 
GLOBALLOGIC (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Reserves

Other reserves

Other reserves represent a capital contribution from the Company's parent as a result of subsidiaries acquired during a group reorganisation.

Profit and loss account

Profit and loss account represents all current and prior period retained profits and losses.


11.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £93,231 (2023 - £101,989). Contributions totalling £27,606 (2023 - £14,485) were payable to the fund at the balance sheet date.


12.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
35,898
31,319


13.


Controlling party

At the year end Hitachi, Ltd was regarded by the director as being the company's ultimate parent company. 
The Company's immediate parent company is Bonus Technology Inc., a private company incorporated in the United States of America.
The smallest group for which consolidated financial statements including the Company are drawn up is Hitachi, Ltd whose principal place of business is 6-6 Marunouchi 1-Chrome, Chiyoda, Tokyo, Japan, 100 8280.


14.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 29 July 2024 by Anthony Campbell (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 10