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REGISTERED NUMBER: 12009606 (England and Wales)





















GRS INTERNATIONAL LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






GRS INTERNATIONAL LIMITED (REGISTERED NUMBER: 12009606)

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 to 7


GRS INTERNATIONAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: C S Gosser
A D Humphrey
R A Johnson
V U Levito
A E Radigan
M F Reeves





SECRETARY: R A Johnson





REGISTERED OFFICE: The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP





REGISTERED NUMBER: 12009606 (England and Wales)





AUDITORS: Phipps Henson McAllister
Chartered Accountants
and Statutory Auditors
22-24 Harborough Road
Kingsthorpe
Northampton
NN2 7AZ

GRS INTERNATIONAL LIMITED (REGISTERED NUMBER: 12009606)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 319 575
Investments 5 423,629 208,785
423,948 209,360

CURRENT ASSETS
Debtors 6 4,112,458 2,968,271
Cash at bank 74,309 60,130
4,186,767 3,028,401
CREDITORS
Amounts falling due within one year 7 1,191,889 760,972
NET CURRENT ASSETS 2,994,878 2,267,429
TOTAL ASSETS LESS CURRENT LIABILITIES 3,418,826 2,476,789

CREDITORS
Amounts falling due after more than one
year

8

6,032,701

4,612,759
NET LIABILITIES (2,613,875 ) (2,135,970 )

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings (2,613,876 ) (2,135,971 )
SHAREHOLDERS' FUNDS (2,613,875 ) (2,135,970 )

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:





R A Johnson - Director


GRS INTERNATIONAL LIMITED (REGISTERED NUMBER: 12009606)

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


1. STATUTORY INFORMATION

GRS International 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The Company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.

Going concern
The nature of the Company's business is such that there can be considerable unpredictable variation in the timing of cash inflows. The Directors have prepared cash flow information for the next 12 months and on the basis of discussions with the Company's parent the Directors consider that the Company will continue to operate within facilities currently agreed. The directors of the parent Company, Global Risk Solutions Inc, have confirmed their intention to continue to provide such funding sufficient for the Company's needs for the foreseeable future.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents revenue recognised by the company in respect of services supplied during the year, excluding value added tax.

For long term contracts, turnover represents the value of work done in the year and is determined by reference to the value of consultant days spent on the project.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost and written off in the year of purchase

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.


GRS INTERNATIONAL LIMITED (REGISTERED NUMBER: 12009606)

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


2. ACCOUNTING POLICIES - continued
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.

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.

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

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.

Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 19 ) .

GRS INTERNATIONAL LIMITED (REGISTERED NUMBER: 12009606)

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


4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023 59,580
Additions 1,551
At 31 December 2023 61,131
DEPRECIATION
At 1 January 2023 59,005
Charge for year 1,807
At 31 December 2023 60,812
NET BOOK VALUE
At 31 December 2023 319
At 31 December 2022 575

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 208,785
Additions 214,844
At 31 December 2023 423,629
NET BOOK VALUE
At 31 December 2023 423,629
At 31 December 2022 208,785

The Company owns controlling interests in the following companies:

GRS Middle East Loss Adjusters LLC (incorporated in Dubai)
GRS International Loss Adjusters LLC (incorporated in Abu Dhabi)
GRS International LLC (incorporated in Qatar)
GRS International (QS) Ltd (Dormant - incorporated in England and Wales)

The company qualifies as being the head of a small group.

GRS INTERNATIONAL LIMITED (REGISTERED NUMBER: 12009606)

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


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 533,705 634,338
Amounts owed by group undertakings 2,222,727 1,219,752
Amounts recoverable on contract 1,310,764 1,067,360
Other debtors 45,262 46,821
4,112,458 2,968,271

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,012 9,765
Trade creditors 302,796 105,502
Amounts owed to group undertakings 423,629 208,785
Taxation and social security 159,680 125,442
Other creditors 295,772 311,478
1,191,889 760,972

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 19,910 29,924
Amounts owed to group undertakings 6,012,791 4,582,835
6,032,701 4,612,759

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 0.01 1 1

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stuart Armstrong FCCA (Senior Statutory Auditor)
for and on behalf of Phipps Henson McAllister

11. PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £18.393 (2022: £19,523) were payable to the fund at the balance sheet date and are included in creditors.

GRS INTERNATIONAL LIMITED (REGISTERED NUMBER: 12009606)

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


12. ULTIMATE CONTROLLING PARTY

The company's ultimate parent company is Global Risk Solutions Inc, a company incorporated in the United States of America.

The parent undertaking of both the smallest and largest group which prepares consolidated accounts which include the results of the company is Global Risk Solutions Inc, registered office address Suite 1020, 100 Brickell Avenue, Miami, Florida, United States FL 33131.

Global Risk Solutions Inc is controlled by Arthur Radigan and Vincent Levito.