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REGISTERED NUMBER: 02767898 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

GLOBAL FRAMING & SUPPLIES LIMITED

GLOBAL FRAMING & SUPPLIES LIMITED (REGISTERED NUMBER: 02767898)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GLOBAL FRAMING & SUPPLIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: B S Binning



SECRETARY: B S Binning



REGISTERED OFFICE: 2 Cedargrove
Hagley
Stourbridge
West Midlands
DY9 0DR



REGISTERED NUMBER: 02767898 (England and Wales)



ACCOUNTANTS: Ashcrofts Accountants Limited
2 Cedargrove
Hagley
Stourbridge
West Midlands
DY9 0DR



BANKERS: HSBC Bank plc
120 High Street
Smethwick
West Midlands
B66 3AN

GLOBAL FRAMING & SUPPLIES LIMITED (REGISTERED NUMBER: 02767898)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 111,711 131,424

CURRENT ASSETS
Stocks 5 149,717 391,308
Debtors 6 858,960 927,894
Cash at bank 924,722 488,332
1,933,399 1,807,534
CREDITORS
Amounts falling due within one year 7 (456,441 ) (543,258 )
NET CURRENT ASSETS 1,476,958 1,264,276
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,588,669

1,395,700

PROVISIONS FOR LIABILITIES 9 (27,924 ) (24,967 )
NET ASSETS 1,560,745 1,370,733

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 1,560,645 1,370,633
SHAREHOLDERS' FUNDS 1,560,745 1,370,733

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 FRAMING & SUPPLIES LIMITED (REGISTERED NUMBER: 02767898)

BALANCE SHEET - continued
31 MARCH 2024


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 director and authorised for issue on 12 September 2024 and were signed by:





B S Binning - Director


GLOBAL FRAMING & SUPPLIES LIMITED (REGISTERED NUMBER: 02767898)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Global Framing & Supplies 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.

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.

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.
Plant and machinery - 15% on reducing balance
Fixtures, fittings & equipment - 15% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

GLOBAL FRAMING & SUPPLIES LIMITED (REGISTERED NUMBER: 02767898)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 11 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
Plant and fittings
machinery & equipment Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 442,451 21,420 463,871
DEPRECIATION
At 1 April 2023 316,316 16,131 332,447
Charge for year 18,920 793 19,713
At 31 March 2024 335,236 16,924 352,160
NET BOOK VALUE
At 31 March 2024 107,215 4,496 111,711
At 31 March 2023 126,135 5,289 131,424

5. STOCKS
2024 2023
£    £   
Raw materials 97,759 318,988
Work-in-progress 6,343 1,183
Finished goods 45,615 71,137
149,717 391,308

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 407,003 519,937
Other debtors 436,535 387,916
Prepayments and accrued income 15,422 20,041
858,960 927,894

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 153,385 271,930
Corporation tax 104,303 50,151
Social security and other taxes 7,821 6,732
VAT 56,657 103,292
Other creditors 544 478
Directors' loan accounts 17,287 16,991
Accruals and deferred income 116,444 93,684
456,441 543,258

GLOBAL FRAMING & SUPPLIES LIMITED (REGISTERED NUMBER: 02767898)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
In more than five years 66,900 56,292

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 27,924 24,967

Deferred
tax
£   
Balance at 1 April 2023 24,967
Charged during the year 2,957
Balance at 31 March 2024 27,924

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary Shares £1 100 100

11. RESERVES
Retained
earnings
£   

At 1 April 2023 1,370,633
Profit for the year 290,012
Dividends (100,000 )
At 31 March 2024 1,560,645

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 March 2024, there was a loan from Mr B S Binning of £17,287 (2023: £16,991). This unsecured loan is interest free and repayable on demand.

13. RELATED PARTY DISCLOSURES

At 31 March 2024 there was a loan to GFS Property Investments Limited of £223,674 (2023: £224,187). A company in which Mr B S Binning is a director. This unsecured loan is interest free and repayable on demand.

At 31 March 2024 there was a loan to Rolo Property Investments Limited of £155,548 (2023: £155,548). A company in which Mr B S Binning is a director. This unsecured loan is interest free and repayable on demand.