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REGISTERED NUMBER: 06594830 (England and Wales)










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: Mr D Chabot
Mr R H Church
Mr M Ficaccio
Mr H Schulze
Mr L Soderbacka
Mr I E Barandalla Torregrosa
Mr G Comar
Ms D Song
Ms E Arellano Villanueva
Mr A R Mohammed
Mr D L Roberts
Mr M P Ruffini
Mr C Carlini
Mr. B Raghavachari
Mr. W Deng



Secretary: Vistra Company Secretaries Limited



Registered office: Suite 1, 7th floor
50 Broadway
London
SW1H 0BL



Registered number: 06594830 (England and Wales)



Senior statutory auditor: Jaimie King ACA



Auditors: Whitings LLP
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 4 362,919 371,570

CURRENT ASSETS
Debtors 5 62,454 113,594
Cash at bank 1,998,229 1,960,786
2,060,683 2,074,380
CREDITORS
Amounts falling due within one year 6 (200,990 ) (158,360 )
NET CURRENT ASSETS 1,859,693 1,916,020
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,222,612

2,287,590

RESERVES
Other reserves 7 1,264,438 1,264,438
Retained earnings 7 958,174 1,023,152
2,222,612 2,287,590

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 19 July 2024 and were signed on its behalf by:





Mr D Chabot - Director


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 490,046
Additions 127,282
At 31 December 2023 617,328
Amortisation
At 1 January 2023 118,476
Charge for year 135,933
At 31 December 2023 254,409
Net book value
At 31 December 2023 362,919
At 31 December 2022 371,570

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
€    €   
Trade debtors - 40,131
Payments in advance - 3,206
VAT 27,543 35,441
Prepayments 34,911 34,816
62,454 113,594

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
€    €   
Trade creditors 39,451 -
Other creditors 100 -
Amounts owed to directors - 5
Deferred income 142,500 115,000
Accrued expenses 18,939 43,355
200,990 158,360

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 1,023,152 1,264,438 2,287,590
Deficit for the year (64,978 ) (64,978 )
At 31 December 2023 958,174 1,264,438 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.

Jaimie King ACA (Senior Statutory Auditor)
for and on behalf of Whitings LLP

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.