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REGISTERED NUMBER: 03663822 (England and Wales)















GLOBAL DEVELOPMENTS (UK) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024






GLOBAL DEVELOPMENTS (UK) LIMITED (REGISTERED NUMBER: 03663822)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GLOBAL DEVELOPMENTS (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTOR: A Gilbert





SECRETARY: A Gilbert





REGISTERED OFFICE: W H Prior
11 Railway Court
Doncaster
South Yorkshire
DN4 5FB





REGISTERED NUMBER: 03663822 (England and Wales)





ACCOUNTANTS: W H Prior
Chartered Certified Accountants
Railway Court
Off Ten Pound Walk
Doncaster
South Yorkshire
DN4 5FB

GLOBAL DEVELOPMENTS (UK) LIMITED (REGISTERED NUMBER: 03663822)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 260,074 211,933
Investment property 5 358,761 90,000
618,835 301,933

CURRENT ASSETS
Stocks 985,924 584,413
Debtors 6 1,210,432 1,384,226
Cash at bank 92,418 21,561
2,288,774 1,990,200
CREDITORS
Amounts falling due within one year 7 954,391 323,181
NET CURRENT ASSETS 1,334,383 1,667,019
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,953,218

1,968,952

CREDITORS
Amounts falling due after more than one
year

8

(89,177

)

(94,196

)

PROVISIONS FOR LIABILITIES (44,345 ) (46,946 )
NET ASSETS 1,819,696 1,827,810

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings - not distri
butable 47,955 47,955
Retained earnings 1,771,731 1,779,845
SHAREHOLDERS' FUNDS 1,819,696 1,827,810

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GLOBAL DEVELOPMENTS (UK) LIMITED (REGISTERED NUMBER: 03663822)

BALANCE SHEET - continued
31ST MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25th November 2024 and were signed by:





A Gilbert - Director


GLOBAL DEVELOPMENTS (UK) LIMITED (REGISTERED NUMBER: 03663822)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024


1. STATUTORY INFORMATION

Global Developments (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods - Turnover from the sale of goods is recognised at the point of sale, defined by the point at which a legally binding contractually agreement has been entered into.

Rendering of services - Turnover from the provision of services is recognised on completion of the service except in the case of engagements spanning the balance sheet date, where it is recognised by reference to the stage of completion at the balance sheet date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

GLOBAL DEVELOPMENTS (UK) LIMITED (REGISTERED NUMBER: 03663822)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2023 405,402
Additions 129,000
Disposals (53,170 )
At 31st March 2024 481,232
DEPRECIATION
At 1st April 2023 193,469
Charge for year 70,197
Eliminated on disposal (42,508 )
At 31st March 2024 221,158
NET BOOK VALUE
At 31st March 2024 260,074
At 31st March 2023 211,933

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1st April 2023 217,525
Additions 129,000
At 31st March 2024 346,525
DEPRECIATION
At 1st April 2023 61,628
Charge for year 60,584
At 31st March 2024 122,212
NET BOOK VALUE
At 31st March 2024 224,313
At 31st March 2023 155,897

GLOBAL DEVELOPMENTS (UK) LIMITED (REGISTERED NUMBER: 03663822)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2023 90,000
Transfer to ownership 268,761
At 31st March 2024 358,761
NET BOOK VALUE
At 31st March 2024 358,761
At 31st March 2023 90,000

Included in fair value of investment property is freehold land of £ 170,000 (2023 - £ 90,000 ) which is not depreciated.

One of the investment properties, from which the company derives rental income, has been valued by Adam Gilbert, one of the company directors, on the basis of open market value. In the opinion of the directors the investment property is valued at £90,000 as at the balance sheet date (2023 £90,000).

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2022 90,000
Cost 268,761
358,761

If the freehold land and building had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 310,806 42,045

The freehold land and building were valued on an open market basis on 31st March 2022 by Adam Gilbert, a company director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 1,210,432 1,384,226

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 72,039 58,858
Trade creditors 238,179 1,135
Taxation and social security 878 22,419
Other creditors 633,295 230,769
954,391 323,181

GLOBAL DEVELOPMENTS (UK) LIMITED (REGISTERED NUMBER: 03663822)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 12,500 22,500
Hire purchase contracts 76,677 71,696
89,177 94,196

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 22,500 32,500

The bank loans are secured by means of charges over the investment property and other land owned by the company,

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2024 and 31st March 2023:

2024 2023
£    £   
A Gilbert
Balance outstanding at start of year 203,963 54,690
Amounts advanced - 236,773
Amounts repaid (203,963 ) (87,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 203,963

11. RELATED PARTY DISCLOSURES

The company has advanced loans to Direct Scaffold Services Limited a company also under the control of Mr. A. Gilbert. As at the balance sheet date the amount of the loan was £204,047 (2023:£251,708). This loan is unsecured and interest free.

The company has received a loan from Direct Scaffold Doncaster Limited, a company also under the control of Mr. A. Gilbert. As at the balance sheet date the amount of the loan was £218,254 (2023:£218,254 owing from Direct Scaffold Doncaster Limited)..This loan is unsecured and interest free.

The company has advanced loans to Woodsett Homes Limited, a company under the control of Mr. A. Gilbert. As at the balance sheet date the net amount of the loan was £958,259 (2023: £911,134) owing
by Woodsett Homes Limited. This loan is unsecured and interest free.Trading transactions have taken place between Global Developments UK Limited and Woodsett Homes Limited during the year which are regarded as having been transacted under normal commercial terms.£231,000 was owing to Woodsett Homes Limited by Global Developments (UK) Limited at the balance sheet date in connection with these trading transactions.In addition Woodsett Homes Limited were owed £409,500 by Global Developments (UK) LImited at the balance sheet date in connection with a land loan advanced by Woodsett Homes Limited during the year.

12. ULTIMATE CONTROLLING PARTY

Adam Gilbert, who holds 100% of the issued share capital of the company, is the ultimate controlling party.