Company No:
Contents
DIRECTOR | Mr G Barrett (Appointed 06 April 2023) |
Mr M King (Resigned 30 May 2024) |
REGISTERED OFFICE | 27 Old Gloucester Street |
London | |
WC1N 3AX | |
United Kingdom |
COMPANY NUMBER | 10433562 (England and Wales) |
AUDITOR | Lubbock Fine LLP |
Chartered Accountants & Statutory Auditors | |
Paternoster House | |
65 St Paul's Churchyard | |
London | |
EC4M 8AB |
Note | 31.03.2024 | 31.03.2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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Investments | 5 |
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17,457 | 1,965 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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2,434,656 | 2,262,820 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 1,696,003 | 1,109,780 | ||
Total assets less current liabilities | 1,713,460 | 1,111,745 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account |
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Total shareholders' funds |
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The notes on pages 3 to 7 form an integral part of these financial statements.
The financial statements of The Global Strategy Network Ltd (registered number:
Mr G Barrett
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
The Global Strategy Network Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 27 Old Gloucester Street, London, WC1N 3AX, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The current period relates to the year ended 31 March 2024 while the comparatives are for the five month period 1 November 2022 to 31 March 2023 and as such the results may not be entirely comparable.
The company recognises revenue to the extent that the company obtains right to consideration in exchange for its performance, and in the period in which services are provided.
Defined contribution schemes
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised through the profit or loss account when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Fixtures and fittings |
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Computer equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Investments in subsidiaries are stated at cost less any provision for impairment.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due to the original terms of the debtors.
Trade creditors are initially recognised at the transaction price and subsequently measured at amortised cost using the effective interest method.
Financial assets and financial liabilities are recognised when the Company becomes a 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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Year ended 31.03.2024 |
Period from 01.11.2022 to 31.03.2023 |
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Number | Number | ||
Monthly average number of persons employed by the company during the year, including the director |
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An analysis of the auditor's remuneration is as follows:
Year ended 31.03.2024 |
Period from 01.11.2022 to 31.03.2023 |
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£ | £ | ||
Fees payable to the company’s auditor and its associates for the audit of the company's annual financial statements: | 14,500 | 13,000 | |
Total audit fees |
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Fixtures and fittings | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 April 2023 |
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Additions |
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At 31 March 2024 |
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Accumulated depreciation | |||||
At 01 April 2023 |
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Charge for the financial year |
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At 31 March 2024 |
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Net book value | |||||
At 31 March 2024 |
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At 31 March 2023 |
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Investments in subsidiaries
31.03.2024 | |
£ | |
Cost | |
At 01 April 2023 |
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Disposals | (
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At 31 March 2024 |
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Carrying value at 31 March 2024 |
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Carrying value at 31 March 2023 |
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Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.03.2024 |
Ownership 31.03.2023 |
Extrac AI Limited | 27 Old Gloucester Street, London, WC1N 3AX | Software development | Ordinary | 0.00% | 100.00% |
31.03.2024 | 31.03.2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by group undertakings (note 9) |
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Other debtors |
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31.03.2024 | 31.03.2023 | ||
£ | £ | ||
Trade creditors |
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Taxation and social security |
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Other creditors |
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31.03.2024 | 31.03.2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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During the year, there was the disposal of the subsidiary Extrac AI Limited to the shareholder for no consideration via a dividend in specie of £100.
These financial statements have been prepared for the purpose of filing with Companies House and no Profit and Loss Account and Directors's Report is included within this set of financial statements. The full financial statements have been subject to audit and there was no qualifications or modifications to the audit report within the full financial statements.
This document was delivered using electronic communications and authenticated in accordance with the registrar's rules relating to electronic form, authentication and manner of delivery under section 1072 of the Companies Act 2006.