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Company No: 10433562 (England and Wales)

THE GLOBAL STRATEGY NETWORK LTD

Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

THE GLOBAL STRATEGY NETWORK LTD

Financial Statements

For the financial year ended 31 March 2024

Contents

THE GLOBAL STRATEGY NETWORK LTD

COMPANY INFORMATION

For the financial year ended 31 March 2024
THE GLOBAL STRATEGY NETWORK LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
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
THE GLOBAL STRATEGY NETWORK LTD

BALANCE SHEET

As at 31 March 2024
THE GLOBAL STRATEGY NETWORK LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Tangible assets 4 17,457 1,865
Investments 5 0 100
17,457 1,965
Current assets
Debtors 6 1,915,926 1,395,792
Cash at bank and in hand 518,730 867,028
2,434,656 2,262,820
Creditors: amounts falling due within one year 7 ( 738,653) ( 1,153,040)
Net current assets 1,696,003 1,109,780
Total assets less current liabilities 1,713,460 1,111,745
Net assets 1,713,460 1,111,745
Capital and reserves
Called-up share capital 8 5,001 5,001
Profit and loss account 1,708,459 1,106,744
Total shareholders' funds 1,713,460 1,111,745

The notes on pages 3 to 7 form an integral part of these financial statements.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of The Global Strategy Network Ltd (registered number: 10433562) were approved and authorised for issue by the Director on 16 September 2024. They were signed on its behalf by:

Mr G Barrett
Director
THE GLOBAL STRATEGY NETWORK LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
THE GLOBAL STRATEGY NETWORK LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Reporting period length

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.

Foreign currency

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the dates prevailing on the reporting period date, with any foreign exchange gains and losses being recognised in the Profit and Loss account.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the provision of goods and services provided in the normal course of the company's activities. Turnover is shown net of value added tax.

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.

Employee benefits

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.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings 5 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Fixed asset investments

Investments in subsidiaries are stated at cost less any provision for impairment.

Trade and other debtors

Trade debtors are amounts due from customers services performed in the ordinary course of business.

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are initially recognised at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

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.

Ordinary share capital

Ordinary shares are classed as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Employees

Year ended
31.03.2024
Period from
01.11.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 12 10

3. Auditor's remuneration

An analysis of the auditor's remuneration is as follows:

Year ended
31.03.2024
Period from
01.11.2022 to
31.03.2023
£ £
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 14,500 13,000

4. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 April 2023 0 2,166 2,166
Additions 3,857 14,126 17,983
At 31 March 2024 3,857 16,292 20,149
Accumulated depreciation
At 01 April 2023 0 301 301
Charge for the financial year 516 1,875 2,391
At 31 March 2024 516 2,176 2,692
Net book value
At 31 March 2024 3,341 14,116 17,457
At 31 March 2023 0 1,865 1,865

5. Fixed asset investments

Investments in subsidiaries

31.03.2024
£
Cost
At 01 April 2023 100
Disposals ( 100)
At 31 March 2024 0
Carrying value at 31 March 2024 0
Carrying value at 31 March 2023 100

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%

6. Debtors

31.03.2024 31.03.2023
£ £
Trade debtors 674,349 555,519
Amounts owed by group undertakings (note 9) 0 49,900
Other debtors 1,241,577 790,373
1,915,926 1,395,792

7. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Trade creditors 363,877 379,800
Taxation and social security 156,441 297,250
Other creditors 218,335 475,990
738,653 1,153,040

8. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
500,100 Ordinary shares of £ 0.01 each 5,001 5,001

9. Related party transactions

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.

10. Audit Opinion

The Audit report on the full accounts was signed by Hazra Patel on 23 September 2024 as Senior Statutory Auditor on behalf of Lubbock Fine LLP Chartered Accountants & Statutory Auditors.

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.