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Registered number: 05694692
















GLOBAL PACIFIC UK LIMITED




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023


































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GLOBAL PACIFIC UK LIMITED
REGISTERED NUMBER:05694692

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
56,822
68,290

Investments
 5 
100
100

  
56,922
68,390

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 6 
414,961
607,443

Cash at bank and in hand
  
624,040
192,972

  
1,039,001
800,415

Creditors: amounts falling due within one year
 7 
(555,125)
(368,505)

NET CURRENT ASSETS
  
483,876
431,910

TOTAL ASSETS LESS CURRENT LIABILITIES
  
540,798
500,300

PROVISIONS FOR LIABILITIES
  

Deferred tax
 8 
-
(12,347)

NET ASSETS
  
540,798
487,953


CAPITAL AND RESERVES
  

Called up share capital 
 9 
250,000
250,000

Profit and loss account
  
290,798
237,953

  
540,798
487,953


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 statement of comprehensive income 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: 





C J Kilvington
Director

Date: 5 August 2024

The notes on pages 2 to 9 form part of these financial statements.

Page 1


GLOBAL PACIFIC UK LIMITED

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

1.


GENERAL INFORMATION

Global Pacific UK Limited is a Company limited by shares incorporated in England. The registered office is 1-3 College Yard, Worcester, United Kingdom, WR1 2LB. The principal place of trading is Briary Barn, Pury Hill Business Park, Alderton Road, Towcester, Northamptonshire, NN12 7LS. 
The principal activity of the Company during the year was the operation as a management company for related trading companies engaged in the sale of fresh produce within the UK and Ireland.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The Company's financial statements have been prepared under the historical costs convention and in accordance with Financial Reporting Standard 102, 'the Financial Reporting Standard applicable in the UK' and the Republic of Ireland and the Companies Act 2006.
The presentation currency of these financial statements is in Sterling. All amounts in the financial statements have been rounded to the nearest £.
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 accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

 
2.2

FINANCIAL INSTRUMENTS

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Investments in subsidiary undertakings are stated at cost less provision for impairment where appropriate. Investments held as current assets are stated at the lower of cost or net realisable value.

 
2.3

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.4

GOING CONCERN

After reviewing the Company's forecast for the current and following financial year, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.

Page 2


GLOBAL PACIFIC UK LIMITED

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

2.ACCOUNTING POLICIES (continued)

  
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:

Depreciation is provided on the following bases:
  Plant and machinery    -  25straight line
  Fixtures and fittings   -  20straight line
  Computer equipment   -   25straight line
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 within profit or loss in the Statement of Comprehensive Income.

 
2.6

OPERATING LEASES

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

 
2.7

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment. 

 
2.8

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.

Page 3


GLOBAL PACIFIC UK LIMITED

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

2.ACCOUNTING POLICIES (continued)

  
2.9
IMPAIRMENT OF ASSETS

Assets, other than those measured at fair value, are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
(i) Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
(ii) Financial assets
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cashflows, discounted at the financial asset's original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

 
2.10

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.

 
2.11

CREDITORS

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

 
2.12

FOREIGN CURRENCY TRANSLATION

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the reporting date and the gains or losses on translation are included in profit or loss in the Statement of Comprehensive Income.

Page 4


GLOBAL PACIFIC UK LIMITED

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

2.ACCOUNTING POLICIES (continued)

  
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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

CURRENT AND DEFERRED TAXATION

Current tax, including UK Corporation tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the reporting date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains or losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured using the 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. Deferred tax relating to property, plant and equipment is measured using the revaluation model.
The tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the Company intends either to settle on a net basis or to realise the asset and to settle the liability simultaneously.
Deferred tax assets and liabilities are offset only if: a) the Group has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

 
2.15

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
 
Page 5


GLOBAL PACIFIC UK LIMITED

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

2.ACCOUNTING POLICIES (continued)


2.15
PROVISIONS FOR LIABILITIES (CONTINUED)

When payments are eventually made, they are charged to the provision carried in the statement of financial position.

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

3.


EMPLOYEES

The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
57
59


4.


TANGIBLE FIXED ASSETS





Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£



COST OR VALUATION


At 1 January 2023
143,721
53,835
164,305
361,861


Additions
18,103
291
669
19,063



At 31 December 2023

161,824
54,126
164,974
380,924



DEPRECIATION


At 1 January 2023
99,369
47,219
146,983
293,571


Charge for the year on owned assets
21,622
2,219
6,690
30,531



At 31 December 2023

120,991
49,438
153,673
324,102



NET BOOK VALUE



At 31 December 2023
40,833
4,688
11,301
56,822



At 31 December 2022
44,352
6,616
17,322
68,290

Page 6


GLOBAL PACIFIC UK LIMITED

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

5.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST


At 1 January 2023
100



At 31 December 2023
100





6.


DEBTORS

2023
2022
£
£


Amounts owed by associates
342,130
553,327

Other debtors
8,474
-

Prepayments and accrued income
63,762
54,116

Deferred taxation
595
-

414,961
607,443



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
21,751
38,715

Corporation tax
9,332
1,248

Other taxation and social security
328,613
308,010

Other creditors
-
320

Accruals
195,429
20,212

555,125
368,505


Page 7


GLOBAL PACIFIC UK LIMITED

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

8.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
(12,347)
(17,623)


Charged to profit or loss
12,942
5,276



AT END OF YEAR
595
(12,347)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
595
(12,347)


9.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



250,000 (2022: 250,000) Ordinary shares of £1.00 each
250,000
250,000

The Company has one class of share capital which carry voting rights and the right to a dividend.


Page 8


GLOBAL PACIFIC UK LIMITED

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

10.


RELATED PARTY TRANSACTIONS AND BALANCES

The Company has taken the exemption under FRS 102 Section 33.1A and not disclosed transactions entered into by wholly owned group companies.



2023
As restated
2022
£
£

Costs recharged to associates
4,766,429
4,501,911
Costs recharged from associates
404,993
400,595
Amounts due from associates
342,130
587,294
Amounts due to associates
-
33,323

The Company incurs costs and receives management recharges from group companies. Due to the fact that some group companies are not in the same wholly owned group, only costs and recharges from/to companies who don't qualify for the Section 33.1A exemption noted above are disclosed in the related party transaction table above. 
Key management personnel
All directors who have authority and responsibility for planning, directing and controlling the activities of the Company are considered to be key management personnel. Directors' compensation during the year (excluding social security costs) totalled £359,000 (2022: £359,400). 


11.


CONTROLLING PARTY

The Company's immediate parent is Global Pacific Food Group Limited. The Company is controlled by its ultimate parent Klear Holdings Limited, a company incorporated in the Bahamas. The ultimate controlling party is C J Kilvington.


12.


PRIOR YEAR RESTATEMENT OF COMPARATIVES

In the prior year, other operating income was offset against administrative expenses to show a net administrative expense of £24. This has been restated to show income and expenditure separately.
Note 12 has also been restated.


13.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 21 August 2024 by Andrew Wood FCCA (Senior Statutory Auditor) on behalf of Bishop Fleming LLP.

 
Page 9