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REGISTERED NUMBER: 12840541 (England and Wales)











Global Profits Limited

Unaudited Financial Statements

for the Year Ended 31 August 2024






Global Profits Limited (Registered number: 12840541)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


Global Profits Limited

Company Information
for the Year Ended 31 August 2024







Directors: S C Chau
Ms W Cheung
Mrs W O'Connell





Registered office: Mynshull House
78 Churchgate
Stockport
Cheshire
SK1 1YJ





Registered number: 12840541 (England and Wales)





Accountants: Warr & Co Limited
Chartered Accountants
Mynshull House
78 Churchgate
Stockport
Cheshire
SK1 1YJ

Global Profits Limited (Registered number: 12840541)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £   
Fixed assets
Tangible assets 4 89,861 96,566
Investment property 5 2,900,000 3,393,791
2,989,861 3,490,357

Current assets
Debtors 6 - 377
Cash at bank 36,274 10,335
36,274 10,712
Creditors
Amounts falling due within one year 7 (564,968 ) (559,821 )
Net current liabilities (528,694 ) (549,109 )
Total assets less current liabilities 2,461,167 2,941,248

Creditors
Amounts falling due after more than one
year

8

(1,970,000

)

(1,970,000

)

Provisions for liabilities 9 (80,718 ) (167,934 )
Net assets 410,449 803,314

Global Profits Limited (Registered number: 12840541)

Balance Sheet - continued
31 August 2024

31.8.24 31.8.23
Notes £    £   
Capital and reserves
Called up share capital 103 103
Fair value reserve 10 242,155 715,930
Retained earnings 168,191 87,281
Shareholders' funds 410,449 803,314

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

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

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 8 November 2024 and were signed on its behalf by:





Ms W Cheung - Director


Global Profits Limited (Registered number: 12840541)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. Statutory information

Global Profits 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.

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, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% 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.

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.

3. Employees and directors

The average number of employees during the year was 1 (2023 - 1 ) .

Global Profits Limited (Registered number: 12840541)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

4. Tangible fixed assets
Fixtures
and
fittings
£   
Cost
At 1 September 2023 164,029
Additions 23,248
At 31 August 2024 187,277
Depreciation
At 1 September 2023 67,463
Charge for year 29,953
At 31 August 2024 97,416
Net book value
At 31 August 2024 89,861
At 31 August 2023 96,566

5. Investment property
Total
£   
Fair value
At 1 September 2023 3,393,791
Additions 67,200
Valuation changes (560,991 )
At 31 August 2024 2,900,000
Net book value
At 31 August 2024 2,900,000
At 31 August 2023 3,393,791

Fair value at 31 August 2024 is represented by:
£   
Valuation in 2024 2,900,000

Global Profits Limited (Registered number: 12840541)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

5. Investment property - continued

If investment property had not been revalued they would have been included at the following historical cost:

31.8.24 31.8.23
£    £   
Cost 2,577,127 2,509,927

Investment property was valued on an open market basis on 31 August 2024 by the directors .

6. Debtors: amounts falling due within one year
31.8.24 31.8.23
£    £   
Other debtors - 377

7. Creditors: amounts falling due within one year
31.8.24 31.8.23
£    £   
Corporation tax 23,229 -
Directors' current accounts 540,539 558,651
Accrued expenses 1,200 1,170
564,968 559,821

8. Creditors: amounts falling due after more than one year
31.8.24 31.8.23
£    £   
Loan notes 1,970,000 1,970,000

9. Provisions for liabilities
31.8.24 31.8.23
£    £   
Deferred tax 80,718 167,934

Deferred
tax
£   
Balance at 1 September 2023 167,934
Credit to Income statement during year (87,216 )
Balance at 31 August 2024 80,718

Global Profits Limited (Registered number: 12840541)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

10. Reserves
Fair
value
reserve
£   
At 1 September 2023 715,930
Transfer from retained earnings (473,775 )

At 31 August 2024 242,155