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REGISTERED NUMBER: SC305412 (Scotland)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

GLOBAL SPARES SOLUTIONS LTD

GLOBAL SPARES SOLUTIONS LTD (REGISTERED NUMBER: SC305412)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Balance Sheet 1

Notes to the Financial Statements 2


GLOBAL SPARES SOLUTIONS LTD (REGISTERED NUMBER: SC305412)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 9,000 -

CURRENT ASSETS
Debtors 5 90,940 155,029
Cash at bank and in hand 1,426 18,283
92,366 173,312
CREDITORS
Amounts falling due within one year 6 (78,365 ) (167,466 )
NET CURRENT ASSETS 14,001 5,846
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,001

5,846

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Share premium 96,520 96,520
Other reserves (184 ) (184 )
Retained earnings (78,335 ) (95,490 )
23,001 5,846

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.

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 19 September 2024 and were signed on its behalf by:





R Taylor - Director


GLOBAL SPARES SOLUTIONS LTD (REGISTERED NUMBER: SC305412)

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


1. STATUTORY INFORMATION

Global Spares Solutions Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC305412

Registered office: 272 Bath Street
Glasgow
G2 4JR

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 4 ).

GLOBAL SPARES SOLUTIONS LTD (REGISTERED NUMBER: SC305412)

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


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 10,000
At 31 December 2023 10,000
AMORTISATION
Amortisation for year 1,000
At 31 December 2023 1,000
NET BOOK VALUE
At 31 December 2023 9,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 9,298 106,963
Amounts owed by group undertakings - 3,000
Other debtors 81,642 45,066
90,940 155,029

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 4,222 15,843
Amounts owed to group undertakings - 6,278
Taxation and social security 4,693 14,832
Other creditors 69,450 130,513
78,365 167,466