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COMPANY REGISTRATION NUMBER: 05579231
Global Supplies and Logistics Ltd
Filleted Unaudited Financial Statements
30 September 2023
Global Supplies and Logistics Ltd
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
357
Current assets
Stocks
698,970
588,210
Debtors
6
445,683
551,441
Cash at bank and in hand
368,404
311,073
------------
------------
1,513,057
1,450,724
Creditors: amounts falling due within one year
7
288,848
317,010
------------
------------
Net current assets
1,224,209
1,133,714
------------
------------
Total assets less current liabilities
1,224,209
1,134,071
------------
------------
Net assets
1,224,209
1,134,071
------------
------------
Capital and reserves
Called up share capital
22
22
Profit and loss account
1,224,187
1,134,049
------------
------------
Shareholders funds
1,224,209
1,134,071
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Global Supplies and Logistics Ltd
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
R P Bush
J P King
Director
Director
Company registration number: 05579231
Global Supplies and Logistics Ltd
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Units 2 & 3 Greatbridge Business Park, Budds Lane, Romsey, Hampshire, SO51 0HA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 October 2022 and 30 September 2023
7,500
14,964
2,853
25,317
-------
--------
-------
--------
Depreciation
At 1 October 2022
7,400
14,749
2,811
24,960
Charge for the year
100
215
42
357
-------
--------
-------
--------
At 30 September 2023
7,500
14,964
2,853
25,317
-------
--------
-------
--------
Carrying amount
At 30 September 2023
-------
--------
-------
--------
At 30 September 2022
100
215
42
357
-------
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
401,025
300,070
Other debtors
44,658
251,371
---------
---------
445,683
551,441
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
72,831
63,568
Corporation tax
113,220
64,868
Social security and other taxes
92,815
83,302
Other creditors
9,982
105,272
---------
---------
288,848
317,010
---------
---------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
R P Bush
( 50,000)
50,000
J P King
( 50,000)
50,000
---------
---------
----
( 100,000)
100,000
---------
---------
----
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
R P Bush
( 50,000)
( 50,000)
J P King
( 50,000)
( 50,000)
----
---------
---------
( 100,000)
( 100,000)
----
---------
---------