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Registered number: 09524662
Global Compliance UK (GCUK) Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Charlton Baker (Trowbridge)
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 09524662
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 30,866 39,860
30,866 39,860
CURRENT ASSETS
Debtors 5 33,193 43,615
Cash at bank and in hand 215,995 98,284
249,188 141,899
Creditors: Amounts Falling Due Within One Year 6 (92,288 ) (56,482 )
NET CURRENT ASSETS (LIABILITIES) 156,900 85,417
TOTAL ASSETS LESS CURRENT LIABILITIES 187,766 125,277
Creditors: Amounts Falling Due After More Than One Year 7 (16,888 ) (29,758 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,294 ) (6,911 )
NET ASSETS 165,584 88,608
CAPITAL AND RESERVES
Called up share capital 9 100 100
Income Statement 165,484 88,508
SHAREHOLDERS' FUNDS 165,584 88,608
Page 1
Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr G Harbud
Director
09/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Global Compliance UK (GCUK) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09524662 . The registered office is The Courtyard, 33 Duke Street, TROWBRIDGE, Wiltshire, BA14 8EA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10% Straight Line
Plant & Machinery 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Computer Equipment Total
£ £ £ £
Cost
As at 1 June 2023 3,875 65,329 3,920 73,124
Additions - 3,342 1,121 4,463
As at 31 May 2024 3,875 68,671 5,041 77,587
Depreciation
As at 1 June 2023 387 31,219 1,658 33,264
Provided during the period 387 12,224 846 13,457
As at 31 May 2024 774 43,443 2,504 46,721
Net Book Value
As at 31 May 2024 3,101 25,228 2,537 30,866
As at 1 June 2023 3,488 34,110 2,262 39,860
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 31,302 40,630
Other debtors 1,891 2,985
33,193 43,615
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 2,870 2,712
Trade creditors 1,460 752
Bank loans and overdrafts 10,000 10,000
Other creditors 2,527 2,242
Taxation and social security 75,431 40,776
92,288 56,482
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Page 5
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 6,888 9,758
Bank loans 10,000 20,000
16,888 29,758
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 2,870 2,712
Later than one year and not later than five years 6,888 9,758
9,758 12,470
9,758 12,470
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year - 5,500
- 5,500
Page 5