REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
GLOBAL RESOURCING LTD |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
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 |
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 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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
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 |
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 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Related party | 73,658 | 73,658 |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Corporation Tax |
PAYE/NI |
VAT | 63,572 | 64,974 |
Other Creditors |
Accrued expenses |
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 |
Loan |
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. |