Registered number
08119056
Global Business Works Limited
Unaudited Filleted Accounts
31 March 2024
Global Business Works Limited
Registered number: 08119056
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Current assets
Debtors 3 5,203 3,000
Cash at bank and in hand 688 636
5,891 3,636
Creditors: amounts falling due within one year 4 (18,023) (38,836)
Net current liabilities (12,132) (35,200)
Net liabilities (12,132) (35,200)
Capital and reserves
Called up share capital 2 2
Profit and loss account (12,134) (35,202)
Shareholder's funds (12,132) (35,200)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N B Reading
Director
Approved by the board on 4 June 2024
Global Business Works Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going Concern
As shown in note 4 the company's only material creditor is the director who has provided funds to enable the company to continue trading whilst it seeks new products and consultancy projects. The company is in negotiations for a contract for consultancy work, which it is anticipated will eb awarded in the near future. The director has confirmed that he will continue to provide adequate finance to enable the company to continue as a going concern and that he will not seek repayment of the monies owed to him until the company has adequate reserves and working capital to enable it to continue trading without this support. On the basis of this support, the accounts have been prepared on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Grants
Income from government grants is recognised when the company has entitlement to the funds any performance conditions attached to the grant have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Debtors 2024 2023
£ £
Trade debtors 3,000 3,000
Deferred tax asset 2,203 -
5,203 3,000
4 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 1,600 1,140
Director's loan account 15,883 37,193
Other creditors 540 503
18,023 38,836
5 Contingent liabilities
The company has a potential deferred tax asset of £nil (2023: £6,212) due to unrelieved trading losses.
6 Controlling party
The company is under the control of N B Reading.
7 Other information
Global Business Works Limited is a private company limited by shares and incorporated in England. Its registered office is:
Corner Cottage
Hempstead
Norwich
NR12 0SH
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