Global Health & Safety Ltd |
Registered number: 09530137 |
Balance Sheet |
As at 31 December 2023 |
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Notes |
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2023 |
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2022 |
£ |
£ |
Fixed assets |
Tangible assets |
4 |
|
|
579,358 |
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|
603,745 |
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Current assets |
Stocks |
|
|
|
673,336 |
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|
643,575 |
Debtors |
5 |
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|
626,095 |
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|
404,192 |
Cash at bank |
|
|
|
1,684 |
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1,344,379 |
|
|
|
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1,301,115 |
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2,392,146 |
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Creditors: amounts falling due within one year |
6 |
|
|
(421,640) |
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|
(164,327) |
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Net current assets |
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|
879,475 |
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2,227,819 |
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Total assets less current liabilities |
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1,458,833 |
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2,831,564 |
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Creditors: amounts falling due after one year |
7 |
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(6,268,307) |
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(5,264,594) |
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Net liabilities |
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(4,809,474) |
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(2,433,030) |
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Capital and reserves |
Share capital |
8 |
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|
100,000 |
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|
100,000 |
Accumulated losses |
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|
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(4,909,474) |
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(2,533,030) |
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Net deficit |
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(4,809,474) |
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(2,433,030) |
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The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The company has taken the option not to deliver a profit and loss account to the Registrar of Companies. |
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Gökhan Ayaydın |
Director |
Approved by the board on 18 September 2024 |
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Global Health & Safety Ltd |
Notes to the Accounts |
For the year ended 31 December 2023 |
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1 |
Company information |
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The company is a private company limited by shares, incorporated in England and registered at Unit K3, Kiln Farm, Milton Keynes, MK11 3LW. |
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2 |
Accounting policies |
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2.1 Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the Standard). |
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2.2 Going concern |
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The accounts have been prepared on the going concern basis even though the company's liabilities exceeded its assets at the balance sheet date and at the date of the directors approval of the accounts. Based on the review of the company's forecasts for the period to December 2025 and the availability of financial resources, including the related party balances referred to in Note 7, the directors consider that the company will continue to be able to meet its liabilities as they fall due for at least 12 months from the date of their approval of these accounts and therefore the going concern basis remains appropriate for preparing the company's accounts. |
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2.3 Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents revenue earned from the sale of goods and is recognised at the point of sale. |
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2.4 Tangible assets |
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Tangible assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset evenly over its expected useful life, as follows: |
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Leasehold buildings |
over the remaining lease term |
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Plant and machinery |
over 4 years |
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2.5 Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out method. Provision is made for damaged, obsolete and slow-moving stock where appropriate. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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2.6 Debtors |
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Short term debtors are measured at transaction price less any impairment losses for bad and doubtful debts. Longer term loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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2.7 Creditors |
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Short term creditors are measured at transaction price. Longer term loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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2.8 Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the accounts and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted. |
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2.9 Impairment |
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Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount, in which case the impairment loss is a revaluation decrease. |
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2.10 Foreign currency translation |
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The company's functional and presentation currency is Pound sterling ("£"). Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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2.11 Pension contributions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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3 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed |
20 |
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11 |
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4 |
Tangible assets |
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Leasehold buildings |
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Plant and machinery |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 January 2023 |
152,152 |
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695,941 |
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848,093 |
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Additions |
119,311 |
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76,269 |
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195,580 |
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At 31 December 2023 |
271,463 |
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772,210 |
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1,043,673 |
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Depreciation |
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At 1 January 2023 |
3,251 |
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241,097 |
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244,348 |
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Charge for the year |
26,907 |
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193,060 |
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219,967 |
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At 31 December 2023 |
30,158 |
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434,157 |
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464,315 |
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Net book value |
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At 31 December 2023 |
241,305 |
|
338,053 |
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579,358 |
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At 31 December 2022 |
148,901 |
|
454,844 |
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603,745 |
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5 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
385,690 |
|
36,851 |
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Other debtors |
240,405 |
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367,341 |
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626,095 |
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404,192 |
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6 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Bank overdraft |
- |
|
344 |
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Trade creditors |
254,479 |
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53,428 |
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Taxation and social security |
76,282 |
|
33,730 |
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Other creditors |
90,879 |
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76,825 |
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421,640 |
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164,327 |
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7 |
Creditors: amounts falling due after one year |
2023 |
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2022 |
£ |
£ |
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Amounts owed to related parties |
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6,268,307 |
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5,264,594 |
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As at 31 December 2023 there were interest-free loans of £5,445,000 (2022: £4,445,000) from Mr Turgay Ciner, the ultimate controlling party, secured by a floating charge on all assets of the company; and unsecured and interest-free loans of £823,306 (2022: £819,594) from Mr Gokhan Ayaydin, a director, and his related entitites. Under an agreement dated 11 January 2022 between these parties, their loans are not repayable until after the company becomes profitable. Following the end of the year, Mr Ciner made further loans of £1,100,000 by the date of approval of these accounts as part of his 11 January 2022 loan agreement with the company for a total loan facility of £8,945,000. |
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8 |
Share capital |
2023 |
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2022 |
£ |
£ |
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Allotted, called up and fully paid: |
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100 Ordinary shares of £1 each |
100,000 |
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100,000 |
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9 |
Other financial commitments |
2023 |
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2022 |
£ |
£ |
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Total future minimum payments under non-cancellable operating leases |
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2,135,476 |
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2,395,726 |
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10 |
Controlling party |
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The immediate controlling party is Ciner Health Holdings Ltd, registered at 2nd Floor, 23 College Hill, London, EC4R 2RP. The ultimate controlling party is Mr Turgay Ciner. |