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REGISTERED NUMBER: 03390805 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

GLOBAL RESOURCING LTD

GLOBAL RESOURCING LTD (REGISTERED NUMBER: 03390805)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GLOBAL RESOURCING LTD

Company Information
FOR THE YEAR ENDED 31 December 2023







DIRECTORS: Mr D A Cole
Mr G W Harris
Mr R A Johnson





SECRETARY: Mr G W Harris





REGISTERED OFFICE: 4th Floor Radius House
51 Clarendon Road
Watford
WD17 1HP





REGISTERED NUMBER: 03390805 (England and Wales)





ACCOUNTANTS: Total Back Office Solutions Limited
4th Floor Radius House
51 Clarendon Road
Watford
Hertfordshire
WD17 1HP

GLOBAL RESOURCING LTD (REGISTERED NUMBER: 03390805)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 11,480 10,928

CURRENT ASSETS
Debtors 5 3,191,517 2,843,890
Cash at bank and in hand 95,164 104,985
3,286,681 2,948,875
CREDITORS
Amounts falling due within one year 6 (1,891,443 ) (1,527,980 )
NET CURRENT ASSETS 1,395,238 1,420,895
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,406,718

1,431,823

CREDITORS
Amounts falling due after more than one
year

7

(175,816

)

(251,899

)

PROVISIONS FOR LIABILITIES (2,373 ) (1,754 )
NET ASSETS 1,228,529 1,178,170

CAPITAL AND RESERVES
Called up share capital 4,980 4,980
Share premium 26,253 26,253
Retained earnings 1,197,296 1,146,937
1,228,529 1,178,170

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GLOBAL RESOURCING LTD (REGISTERED NUMBER: 03390805)

Balance Sheet - continued
31 December 2023


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 6 September 2024 and were signed on its behalf by:





Mr D A Cole - Director


GLOBAL RESOURCING LTD (REGISTERED NUMBER: 03390805)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 December 2023


1. STATUTORY INFORMATION

Global Resourcing Ltd 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.

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 financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 33% on cost
Plant and machinery - 33% on cost
Fixtures and fittings - 20% on reducing balance

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.

Factored debts
The company factors 80% of its contracted sales. The gross amount of the debts are shown as Trade Debtors and the factored amounts are included under creditors due within one year.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 15 ) .

GLOBAL RESOURCING LTD (REGISTERED NUMBER: 03390805)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 December 2023


4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 January 2023 15,825 202,371 76,474 294,670
Additions - 6,790 - 6,790
At 31 December 2023 15,825 209,161 76,474 301,460
DEPRECIATION
At 1 January 2023 15,825 192,436 75,481 283,742
Charge for year - 6,039 199 6,238
At 31 December 2023 15,825 198,475 75,680 289,980
NET BOOK VALUE
At 31 December 2023 - 10,686 794 11,480
At 31 December 2022 - 9,935 993 10,928

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,640,386 1,263,129
Other debtors 16,000 -
Related party 73,658 73,658
Prepayments and accrued income 25,495 17,018
1,755,539 1,353,805

Amounts falling due after more than one year:
Amounts owed by group undertakings 1,435,978 1,490,085

Aggregate amounts 3,191,517 2,843,890

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 822,034 681,628
Corporation Tax 117,396 137,759
PAYE/NI 55,169 63,456
VAT 63,572 64,974
Other Creditors 653,746 405,254
Accrued expenses 179,526 174,909
1,891,443 1,527,980

GLOBAL RESOURCING LTD (REGISTERED NUMBER: 03390805)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 December 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 16,316 26,399
Loan 159,500 225,500
175,816 251,899

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other Loans 462,902 218,012

ABN Amro Asset Based Finance N.V. hold a debenture dated 22 September 2021 creating a fixed charge on certain assets and a floating charge on the remaining assets of the company and in particular incorporating a charge on all book debts or other debts now and in the future owing to the company.

National Westminster Bank plc holds a debenture dated 15 January 2010 securing all monies due or to become due from the company to National Westminster Bank plc on any account.

9. RELATED PARTY DISCLOSURES

Included within other debtors is an amount of £5,446 owed by Forbes Hunt Search & Selection Ltd (2022: 5,446), a company which Mr D Cole and Mr G Harris is a director and shareholder of.

Included within other debtors is an amount of £68,212 owed by Comrisk Associates Ltd, a subsidiary of the parent company, Global Resourcing Group Ltd.(2022: £68,212)

Included within other debtors is an amount of £1,435,978 owed by Global Resourcing Group Ltd, the company's parent (2022: £1,490,085)

Included within legal & professional fees is an amount of £32,500 for consultancy services provided by Clayton Cole Ltd, a company which Mr D Cole is a director and shareholder of.

10. ULTIMATE CONTROLLING PARTY



By virtue of his shareholding in Global Resourcing Group Ltd, Mr G Harris, the director, is the ultimate controlling party.