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REGISTERED NUMBER: 04388360 (England and Wales)












Unaudited Financial Statements for the Year Ended 31 December 2023

for

Global Icons Europe Limited

Global Icons Europe Limited (Registered number: 04388360)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Global Icons Europe Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J Lotman
M Gard





REGISTERED OFFICE: Ground Floor
123 Pall Mall
London
SW1Y 5EA





REGISTERED NUMBER: 04388360 (England and Wales)





ACCOUNTANTS: Hawksford UK Services Limited
123 Pall Mall
St. James's
London
SW1Y 5EA

Global Icons Europe Limited (Registered number: 04388360)

Balance Sheet
31 December 2023

31.12.23 31.12.22
as restated
Notes £    £   
CURRENT ASSETS
Debtors 5 258,432 505,802
Cash at bank 800,203 1,012,667
1,058,635 1,518,469
CREDITORS
Amounts falling due within one year 6 (344,757 ) (722,626 )
NET CURRENT ASSETS 713,878 795,843
TOTAL ASSETS LESS CURRENT LIABILITIES 713,878 795,843

CAPITAL AND RESERVES
Called up share capital 7 9,792 9,792
Share premium 151,837 151,837
Retained earnings 552,249 634,214
SHAREHOLDERS' FUNDS 713,878 795,843

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

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

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 16 July 2024 and were signed on its behalf by:





M Gard - Director


Global Icons Europe Limited (Registered number: 04388360)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Global Icons Europe 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.

Global Icons LLC, being an immediate holding company has confirmed its intention to provide sufficient financial support to the Company so as to enable it to meet its liabilities as they fall due and to enable it to carry on its business for the foreseeable future. Consequently, the directors have prepared the financial statements on a going concern basis.

Turnover
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where the company exploits intellectual property owned by third parties the gross income earned net of VAT is included in turnover. The third parties' share of the gross income earned is included in cost of sales.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Cost include the purchase cost and all other costs necessary to bring it in present location and conditions.

Depreciation is provided at the following annual rates in order to write off each asset over its useful life.

Plant & Machinery - 25% (computers) and 33 1/3 % (office equipment) on cost

Financial instruments
Trade and other debtors

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents

Cash and cash equivalents comprise cash in hand and cash held on demand with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.

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.


Global Icons Europe Limited (Registered number: 04388360)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
a. Functional and presentation currency

Items included in the Company's financial statements are measured using the currency of the primary economic environment in which the entity operates (the "Functional currency"). The financial statements are presented in Sterling, which is the Company's functional and presentational currency.

b. Transaction and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 48,189
DEPRECIATION
At 1 January 2023
and 31 December 2023 48,189
NET BOOK VALUE
At 31 December 2023 -


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
as restated
£    £   
Trade debtors 248,178 333,934
Other debtors 6,365 6,474
Prepayments and accrued income 3,889 165,394
258,432 505,802

Global Icons Europe Limited (Registered number: 04388360)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
as restated
£    £   
Trade creditors 15,585 3,752
Corporation tax 91,027 136,628
VAT 981 3,311
Other creditors 2,000 2,000
Advances from customers - 1,307
Accrued expenses 235,164 575,628
344,757 722,626

The accrued expenses are recognised based on historical amounts earned from licensees and/or forecasted sales information provided by licensees.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: as restated
£    £   
9,792 Ordinary shares £1 9,792 9,792

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr. Jeff Lotman by virtue of his ownership of the entire issued share capital in the ultimate parent
company.