6 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 06690163 2023-01-01 2023-12-31 06690163 2023-12-31 06690163 2022-12-31 06690163 2022-01-01 2022-12-31 06690163 2022-12-31 06690163 2021-12-31 06690163 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 06690163 bus:Director1 2023-01-01 2023-12-31 06690163 core:PlantMachinery 2022-12-31 06690163 core:FurnitureFittings 2022-12-31 06690163 core:MotorVehicles 2022-12-31 06690163 core:PlantMachinery 2023-12-31 06690163 core:FurnitureFittings 2023-12-31 06690163 core:MotorVehicles 2023-12-31 06690163 core:PlantMachinery 2023-01-01 2023-12-31 06690163 core:FurnitureFittings 2023-01-01 2023-12-31 06690163 core:MotorVehicles 2023-01-01 2023-12-31 06690163 core:WithinOneYear 2023-12-31 06690163 core:WithinOneYear 2022-12-31 06690163 core:AfterOneYear 2023-12-31 06690163 core:AfterOneYear 2022-12-31 06690163 core:ShareCapital 2023-12-31 06690163 core:ShareCapital 2022-12-31 06690163 core:RetainedEarningsAccumulatedLosses 2023-12-31 06690163 core:RetainedEarningsAccumulatedLosses 2022-12-31 06690163 core:PlantMachinery 2022-12-31 06690163 core:FurnitureFittings 2022-12-31 06690163 core:MotorVehicles 2022-12-31 06690163 bus:SmallEntities 2023-01-01 2023-12-31 06690163 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06690163 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06690163 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06690163 bus:FullAccounts 2023-01-01 2023-12-31 06690163 bus:OrdinaryShareClass1 2023-12-31 06690163 bus:OrdinaryShareClass1 2022-12-31
COMPANY REGISTRATION NUMBER: 06690163
GLOBAL AUTO ID LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
GLOBAL AUTO ID LTD
BALANCE SHEET
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
16,757
20,004
Current assets
Stocks
243,143
212,054
Debtors
6
169,395
145,788
Cash at bank and in hand
2,156
717
--------
--------
414,694
358,559
Creditors: amounts falling due within one year
7
( 318,879)
( 255,807)
--------
--------
Net current assets
95,815
102,752
--------
--------
Total assets less current liabilities
112,572
122,756
Creditors: amounts falling due after more than one year
8
( 19,571)
( 33,683)
Provisions
( 590)
--------
--------
Net assets
92,411
89,073
--------
--------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
92,311
88,973
-------
-------
Shareholders funds
92,411
89,073
-------
-------
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 profit and loss account has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GLOBAL AUTO ID LTD
BALANCE SHEET (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
Mr K Bryan
Director
Company registration number: 06690163
GLOBAL AUTO ID LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 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 32 Main Street, Balderton, Newark, England, NG24 3LQ.
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. The financial statements are prepared in sterling, which is the functional currency of the entity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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
-
15% reducing balance
Motor vehicles
-
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial assets, which include trade and other receivables and 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. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables and bank loans, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 8 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
64,402
2,176
28,290
94,868
Additions
855
855
-------
------
-------
-------
At 31 December 2023
64,402
3,031
28,290
95,723
-------
------
-------
-------
Depreciation
At 1 January 2023
62,576
1,385
10,903
74,864
Charge for the year
456
197
3,449
4,102
-------
------
-------
-------
At 31 December 2023
63,032
1,582
14,352
78,966
-------
------
-------
-------
Carrying amount
At 31 December 2023
1,370
1,449
13,938
16,757
-------
------
-------
-------
At 31 December 2022
1,826
791
17,387
20,004
-------
------
-------
-------
6. Debtors
2023
2022
£
£
Trade debtors
147,464
133,775
Other debtors
21,931
12,013
--------
--------
169,395
145,788
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
13,179
11,200
Trade creditors
282,892
200,981
Social security and other taxes
5,335
11,673
Other creditors
17,473
31,953
--------
--------
318,879
255,807
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,671
29,184
Other creditors
900
4,499
-------
-------
19,571
33,683
-------
-------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----