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Registered Number: 12454420
England and Wales

 

 

 

GLOBAL PREMIUM BRANDS LTD


Abridged Accounts
 


Period of accounts

Start date: 01 March 2023

End date: 29 February 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3   97,316 
  97,316 
Current assets      
Stocks 122,364    109,670 
Debtors 81,100    91,100 
Cash at bank and in hand 50,686    80,419 
254,150    281,189 
Creditors: amount falling due within one year (368,958)   (283,390)
Net current assets (114,808)   (2,201)
 
Total assets less current liabilities (114,808)   95,115 
Creditors: amount falling due after more than one year (17,078)   (26,858)
Accruals and deferred income (1,800)   (1,200)
Provisions for liabilities   (6,114)
Net assets (133,686)   60,943 
 

Capital and reserves
     
Called up share capital 1    1 
Profit and loss account (133,687)   60,942 
Shareholders' funds (133,686)   60,943 
 


For the year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 09 August 2024 and were signed by:


-------------------------------
Sajid Daud Haji
Director
1
General Information
GLOBAL PREMIUM BRANDS LTD is a private company, limited by shares, registered in England and Wales, registration number 12454420, registration address 81 Victoria Road, Fulwood, Preston, PR2 8NH .

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery etc 15%
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 14 (2023 : 14).
3.

Tangible fixed assets

Cost or valuation Plant and machinery etc   Total
  £   £
At 01 March 2023 120,603    120,603 
Additions  
Disposals (97,316)   (97,316)
At 29 February 2024 23,287    23,287 
Depreciation
At 01 March 2023 23,287    23,287 
Charge for year  
On disposals  
At 29 February 2024 23,287    23,287 
Net book values
Closing balance as at 29 February 2024  
Opening balance as at 01 March 2023 97,316    97,316 


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