REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
ONE WORLD GLOBAL TRADE MANAGEMENT |
LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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 |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements and going concern |
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 |
5. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | TANGIBLE FIXED ASSETS |
Freehold | Fixtures |
land and | and | Computer |
buildings | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Other debtors |
VAT |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Accrued expenses |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |