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REGISTERED NUMBER: 05855839 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

GLOBAL FREIGHT SYSTEMS LIMITED

GLOBAL FREIGHT SYSTEMS LIMITED (REGISTERED NUMBER: 05855839)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GLOBAL FREIGHT SYSTEMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTOR: Ms J K Tiwana





REGISTERED OFFICE: C/O A K S Advisers, 14-15 Lower Grosveno
London
SW1W 0EX





REGISTERED NUMBER: 05855839 (England and Wales)





ACCOUNTANTS: AKS Advisers
Fourth & Fifth Floors
14-15 Lower Grosvenor Place
London
SW1W 0EX

GLOBAL FREIGHT SYSTEMS LIMITED (REGISTERED NUMBER: 05855839)

BALANCE SHEET
31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 76,368 102,857

CURRENT ASSETS
Debtors 5 1,910,108 1,489,456
Cash at bank 682,316 398,223
2,592,424 1,887,679
CREDITORS
Amounts falling due within one year 6 2,299,201 1,576,018
NET CURRENT ASSETS 293,223 311,661
TOTAL ASSETS LESS CURRENT
LIABILITIES

369,591

414,518

CREDITORS
Amounts falling due after more than one
year

7

88,184

104,573
NET ASSETS 281,407 309,945

CAPITAL AND RESERVES
Called up share capital 200 200
Share premium 19,900 19,900
Retained earnings 261,307 289,845
SHAREHOLDERS' FUNDS 281,407 309,945

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 FREIGHT SYSTEMS LIMITED (REGISTERED NUMBER: 05855839)

BALANCE SHEET - continued
31 OCTOBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 August 2024 and were signed by:





Ms J K Tiwana - Director


GLOBAL FREIGHT SYSTEMS LIMITED (REGISTERED NUMBER: 05855839)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023


1. STATUTORY INFORMATION

Global Freight Systems 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

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.

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.

GLOBAL FREIGHT SYSTEMS LIMITED (REGISTERED NUMBER: 05855839)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued

Going concern
The company has reserves in excess of liabilities in the sum of £281,407 (2022: £309,945). At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 24 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022 305,090
Additions 24,896
At 31 October 2023 329,986
DEPRECIATION
At 1 November 2022 202,233
Charge for year 51,385
At 31 October 2023 253,618
NET BOOK VALUE
At 31 October 2023 76,368
At 31 October 2022 102,857

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 1,121,439 482,909
Amounts owed by group undertakings 152,480 11,780
Other debtors 636,189 994,767
1,910,108 1,489,456

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 14,540 64,801
Finance leases 6,877 5,541
Trade creditors 1,621,288 545,143
Taxation and social security 23,747 65,643
Other creditors 632,749 894,890
2,299,201 1,576,018

GLOBAL FREIGHT SYSTEMS LIMITED (REGISTERED NUMBER: 05855839)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

All bank loans and overdrafts are secured by fixed and floating charge over the assets of the company.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans 24,165 34,168
Finance leases 64,019 70,405
88,184 104,573

8. ULTIMATE CONTROLLING PARTY

The controlling party is Ms J K Tiwana.