Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13380419 2023-01-01 2023-12-31 13380419 2022-01-01 2022-12-31 13380419 2023-12-31 13380419 2022-12-31 13380419 c:Director1 2023-01-01 2023-12-31 13380419 c:Director2 2023-01-01 2023-12-31 13380419 c:RegisteredOffice 2023-01-01 2023-12-31 13380419 d:CurrentFinancialInstruments 2023-12-31 13380419 d:CurrentFinancialInstruments 2022-12-31 13380419 d:Non-currentFinancialInstruments 2023-12-31 13380419 d:Non-currentFinancialInstruments 2022-12-31 13380419 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13380419 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13380419 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 13380419 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 13380419 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 13380419 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 13380419 d:ShareCapital 2023-12-31 13380419 d:ShareCapital 2022-12-31 13380419 d:RetainedEarningsAccumulatedLosses 2023-12-31 13380419 d:RetainedEarningsAccumulatedLosses 2022-12-31 13380419 c:OrdinaryShareClass1 2023-01-01 2023-12-31 13380419 c:OrdinaryShareClass1 2023-12-31 13380419 c:OrdinaryShareClass1 2022-12-31 13380419 c:FRS102 2023-01-01 2023-12-31 13380419 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 13380419 c:FullAccounts 2023-01-01 2023-12-31 13380419 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 13380419












GLOBAL SOURCING RAW LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

GLOBAL SOURCING RAW LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 9

 

GLOBAL SOURCING RAW LIMITED
 
COMPANY INFORMATION


Directors
A N Walden  
D Hueso Gutierrez 




Registered number
13380419



Registered office
74 Cowper Crescent

Hertford

SG14 3EA




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:13380419
GLOBAL SOURCING RAW LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
30,273
24,741

Cash at bank and in hand
  
24,736
12,827

  
55,009
37,568

Creditors: amounts falling due within one year
 5 
(73,891)
(59,234)

Net current liabilities
  
 
 
(18,882)
 
 
(21,666)

Total assets less current liabilities
  
(18,882)
(21,666)

Creditors: amounts falling due after more than one year
  
(12,039)
-

  

Net liabilities
  
(30,921)
(21,666)


Capital and reserves
  

Called up share capital 
 8 
105
105

Profit and loss account
  
(31,026)
(21,771)

Net deficit
  
(30,921)
(21,666)


Page 2


 
REGISTERED NUMBER:13380419
GLOBAL SOURCING RAW LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A N Walden
Director

Date: 18 September 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 

GLOBAL SOURCING RAW LIMITED

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

1.


General information

Global Sourcing Raw Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 74 Cowper Crescent, Hertford, SG14 3EA.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on total equity at the end of the year. The directors consider this basis to be appropriate as the company has sufficient facilities available from its shareholders to fund its working capital requirements for a period of at least twelve months from the date these financial statements were approved. The company has also received a letter of support from its shareholders pledging to meet liabilities as they fall due.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 

GLOBAL SOURCING RAW LIMITED

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

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are
presented in the profit and loss account within 'interest receivable and similar income' and 'interest
payable and similar expenses'. All other foreign exchange gains and losses are presented in profit or
loss within operating activities.

  
2.5

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.6

Share capital

Ordinary shares are classified as equity.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 

GLOBAL SOURCING RAW LIMITED

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

2.Accounting policies (continued)


2.9

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 6

 

GLOBAL SOURCING RAW LIMITED

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

2.Accounting policies (continued)




Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 7

 

GLOBAL SOURCING RAW LIMITED

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

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Debtors

2023
2022
£
£


Trade debtors
22,765
5,782

Other debtors
1,495
12,725

Called up share capital not paid
100
100

Prepayments and accrued income
1,773
1,994

Tax recoverable
4,140
4,140

30,273
24,741



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
14,262
-

Trade creditors
52,892
55,367

Accruals and deferred income
6,737
3,867

73,891
59,234



6.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
12,039
-


Page 8

 

GLOBAL SOURCING RAW LIMITED

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

7.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
14,262
-

Amounts falling due 1-2 years

Other loans
12,039
-



26,301
-


During the year, the company borrowed £26,010 at an interest of 7% per annum. The loans are unsecured and repayable within 20 months. 


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



105,263 (2022 - 105,263) Ordinary shares of £0.001 each
105
105



9.


Controlling party

The smallest group for which consolidated financial statements are drawn up is headed by The Fringe Labs S.L, whose registered office is Calle Santo Ángel 110, 28043, Madrid, Spain.
 
Page 9