REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
GLOBAL CERTIFICATION FORUM (GCF) LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
GLOBAL CERTIFICATION FORUM (GCF) LIMITED |
GLOBAL CERTIFICATION FORUM (GCF) LIMITED (REGISTERED NUMBER: 06594830) |
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 CERTIFICATION FORUM (GCF) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Senior statutory auditor: |
Auditors: |
Greenwood House |
Skyliner Way |
Bury St Edmunds |
Suffolk |
IP32 7GY |
GLOBAL CERTIFICATION FORUM (GCF) LIMITED (REGISTERED NUMBER: 06594830) |
BALANCE SHEET |
31 DECEMBER 2023 |
31/12/23 | 31/12/22 |
Notes | € | € |
FIXED ASSETS |
Intangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Other reserves | 7 |
Retained earnings | 7 |
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 |
GLOBAL CERTIFICATION FORUM (GCF) LIMITED (REGISTERED NUMBER: 06594830) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Global Certification Forum (GCF) Limited is a private company, limited by guarantee, registered in England and Wales. The company's registered number and office address can be found on the company Information page. The company's trading address can also be found on the Company Information page. |
The company is a private limited company by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount limited to £1 towards the assets of the company in the event of it being wound up while their membership is current or within one year after their membership ceases. |
The company's operational base is in the UK and the presentational currency of the financial statements is the Euro (€). The functional currency of the company is also Euro (€). The financial statements are rounded to the nearest €. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
The following principal accounting policies have been applied: |
Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
-the amount of revenue can be measured reliably; |
-it is probable that the Company will receive the consideration due under the contract; |
-the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
-the costs incurred and the costs to complete the contract can be measured reliably. |
Intangible assets |
Intangible assets costing €1,000 or more are recognised and capitalised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible fixed assets are initially recognised in the financial statements at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Amortisation on fixed assets under construction is not recognised until such time that construction is complete and the asset is readily available for use. Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life |
Amortisation is not provided on intangible fixed assets under construction. |
Development costs - 25% straight line |
GLOBAL CERTIFICATION FORUM (GCF) LIMITED (REGISTERED NUMBER: 06594830) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. |
Foreign currencies - transactions and balances |
Foreign currency transactions are translated into the functional currency of Euros 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 are measured at historical cost. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets denominated in foreign currencies are recognised in the income statement. |
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. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
GLOBAL CERTIFICATION FORUM (GCF) LIMITED (REGISTERED NUMBER: 06594830) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
€ |
Cost |
At 1 January 2023 |
Additions |
At 31 December 2023 |
Amortisation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
€ | € |
Trade debtors |
Payments in advance | - | 3,206 |
VAT |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
€ | € |
Trade creditors |
Other creditors |
Amounts owed to directors | - | 5 |
Deferred income |
Accrued expenses |
The amounts owed to the directors are unsecured, interest free and repayable on demand. |
GLOBAL CERTIFICATION FORUM (GCF) LIMITED (REGISTERED NUMBER: 06594830) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | RESERVES |
Retained | Other |
earnings | reserves | Totals |
€ | € | € |
At 1 January 2023 |
Deficit for the year | ( |
) | ( |
) |
At 31 December 2023 | 2,222,612 |
Retained earnings |
Retained earnings represent historic accumulated profits and losses of the Company since incorporation and are non-distributable per the Articles. |
Other reserves |
Other reserves represent the funds previously managed by GSMA and migrated to the Company upon incorporation and are non-distributable per the Articles. |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | FINANCIAL INSTRUMENTS |
Financial assets | 2023 | 2022 |
€ | € |
Financial assets measured at fair value through profit or loss consist of |
bank and cash balances. | 1,998,229 | 1,960,786 |
Financial assets measured at fair value through profit or loss consist of bank and cash balances. |