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REGISTERED NUMBER: 09518626 (England and Wales)


















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ONE WORLD GLOBAL TRADE MANAGEMENT
LIMITED

ONE WORLD GLOBAL TRADE MANAGEMENT
LIMITED (REGISTERED NUMBER: 09518626)

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


ONE WORLD GLOBAL TRADE MANAGEMENT
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S M Davies
I R Liddell
J P P Plank



SECRETARY: N K Brooks



REGISTERED OFFICE: Upminster Court
133 Hall Lane
Upminster
Essex
RM14 1AL



REGISTERED NUMBER: 09518626 (England and Wales)



SENIOR STATUTORY AUDITOR: Andrew Green LLB FCA



AUDITORS: THP Limited
Chartered Accountants
and Statutory Auditors
34-40 High Street
Wanstead
London
E11 2RJ

ONE WORLD GLOBAL TRADE MANAGEMENT
LIMITED (REGISTERED NUMBER: 09518626)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 10,000,780 2,096,806
Tangible assets 6 5,767,854 5,353,205
15,768,634 7,450,011

CURRENT ASSETS
Debtors 7 446,318 243,383
Cash at bank 4,216,427 13,531,667
4,662,745 13,775,050
CREDITORS
Amounts falling due within one year 8 18,168,457 15,769,626
NET CURRENT LIABILITIES (13,505,712 ) (1,994,576 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,262,922

5,455,435

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 2,262,921 5,455,434
2,262,922 5,455,435

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 10 September 2024 and were signed on its behalf by:





I R Liddell - Director


ONE WORLD GLOBAL TRADE MANAGEMENT
LIMITED (REGISTERED NUMBER: 09518626)

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


1. STATUTORY INFORMATION

One World Global Trade Management 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements and going concern
The financial statements have been prepared under the historical cost convention.

The company incurred a loss in the period of £3,192,513 (2022: loss £1,518,913) as the business continued its focus on the development of its software products.

Despite these losses, the company had strong balance sheet at the year end, with net assets of £2,262,922 (2022: £5,455,435) and cash at bank of £4,216,427 (2022: £13,531,667).

It has also been able to draw on the support of the wider Uniserve group for liquidity funding in the form of a £20,000,000 loan to finance the development of the business. The parent company has also indicated, through a formal letter of support, its willingness to provide further cashflow support should this be needed in future periods and has provided £4,800,000 since the year end.

Based on existing cashflow forecasts it is expected that the parent company will provide a further £2,500,000 by 31 December 2024.

Having considered all the relevant facts the directors consider it is appropriate to prepare the financial statements on a going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

ONE WORLD GLOBAL TRADE MANAGEMENT
LIMITED (REGISTERED NUMBER: 09518626)

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


3. ACCOUNTING POLICIES - continued

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

Revenue from software sold as a service is recognised on a monthly basis, starting from the effective date on the subscription contract.

Software development costs
The company applies the rules set out in FRS102 Section 18 when considering the capitalization of software development costs. Therefore, the company only recognises an intangible asset as an asset if, and only if:

(a) it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and

(b) the cost or value of the asset can be measured reliably.

The asset is initially recognised at cost, where cost comprises all directly attributable costs necessary to create, produce and prepare the asset to be capable of operating in the manner intended by management.

This will include:

(i) costs of materials and services used or consumed in generating the intangible asset;

(ii) costs of employee benefits arising from the generation of the intangible asset; and

(iii)fees to register a legal right.

Any expenditure carried forward is amortised in line with the expected future life of the asset less any
accumulated impairment losses, commencing from the month in which the relevant asset begins generating
revenue.

The estimated useful lives range as follows:
Development costs 5 years

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful lie:

Freehold buildings - Straight line over 50 years
Fixtures and fittings - Straight line over 5 years
Computer equipment - Straight line over 5 years

Freehold land is not depreciated.

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.

The GB Europe Holdings Limited group offsets its corporation tax profits against the losses of other entities within the group via group relief as permitted by the UK tax legislation. Where such relief is claimed the company does not pay the corresponding group entity an equivalent of loss relief used at the prevailing tax rate.

The company is party to group transactions where transfer pricing regulations apply. A formal transfer pricing review is in progress which may impact the tax treatment of group transactions. Should adjustment for transfer pricing result, then any group entity with additional tax liability will be compensated by the group entity with reduced tax liability.


ONE WORLD GLOBAL TRADE MANAGEMENT
LIMITED (REGISTERED NUMBER: 09518626)

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


3. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2022 - 17 ) .

5. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2023 2,096,806
Additions 7,903,974
At 31 December 2023 10,000,780
NET BOOK VALUE
At 31 December 2023 10,000,780
At 31 December 2022 2,096,806

6. TANGIBLE FIXED ASSETS
Freehold Fixtures
land and and Computer
buildings fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 5,364,191 2,424 - 5,366,615
Additions 268,108 226,567 49,172 543,847
Disposals - - (2,581 ) (2,581 )
At 31 December 2023 5,632,299 228,991 46,591 5,907,881
DEPRECIATION
At 1 January 2023 13,410 - - 13,410
Charge for year 84,766 33,157 9,038 126,961
Eliminated on disposal - - (344 ) (344 )
At 31 December 2023 98,176 33,157 8,694 140,027
NET BOOK VALUE
At 31 December 2023 5,534,123 195,834 37,897 5,767,854
At 31 December 2022 5,350,781 2,424 - 5,353,205

ONE WORLD GLOBAL TRADE MANAGEMENT
LIMITED (REGISTERED NUMBER: 09518626)

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


6. TANGIBLE FIXED ASSETS - continued

Included in cost of land and buildings is freehold land of £ 1,341,048 (2022 - £ 1,341,048 ) which is not depreciated.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 10,200 74,849
Other debtors 578 20,109
VAT 331,092 113,299
Prepayments and accrued income 104,448 35,126
446,318 243,383

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,195,305 659,303
Amounts owed to group undertakings 14,982,759 14,561,235
Social security and other taxes 156,104 49,683
Other creditors 24,628 9,018
Accrued expenses 809,661 490,387
18,168,457 15,769,626

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

The Report of the Auditors was unqualified.

Andrew Green LLB FCA (Senior Statutory Auditor)
for and on behalf of THP Limited

10. ULTIMATE CONTROLLING PARTY

The immediate parent company is Uniserve Holding Limited, a company incorporated in England and Wales.

The ultimate parent company is GB Global Holdco. Pte. Ltd, a company incorporated in Singapore.

The largest group in the UK for which group accounts are prepared is headed by GB Europe Holdings Limited. A copy of the consolidated accounts may be obtained from Companies House.

The ultimate controlling party is I R Liddell.