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REGISTERED NUMBER: 03239765 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

GLOBAL SATELLITE SOLUTIONS LIMITED

GLOBAL SATELLITE SOLUTIONS LIMITED (REGISTERED NUMBER: 03239765)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 6

GLOBAL SATELLITE SOLUTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTOR: M H Fierstone





REGISTERED OFFICE: Market House
21 Lenten Street
Alton
GU34 1HG





REGISTERED NUMBER: 03239765 (England and Wales)





ACCOUNTANTS: Wettone Matthews Limited
Chartered Certified Accountants
Market House
21 Lenten Street
Alton
GU34 1HG

GLOBAL SATELLITE SOLUTIONS LIMITED (REGISTERED NUMBER: 03239765)

BALANCE SHEET
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,235 2,980

CURRENT ASSETS
Stocks - 27,872
Debtors 5 382,775 384,754
Cash at bank 32,163 32,294
414,938 444,920
CREDITORS
Amounts falling due within one year 6 470,390 481,565
NET CURRENT LIABILITIES (55,452 ) (36,645 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(53,217

)

(33,665

)

CAPITAL AND RESERVES
Called up share capital 7 10 10
Retained earnings 8 (53,227 ) (33,675 )
SHAREHOLDERS' FUNDS (53,217 ) (33,665 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

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 12 November 2024 and were signed by:



M H Fierstone - Director


GLOBAL SATELLITE SOLUTIONS LIMITED (REGISTERED NUMBER: 03239765)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022


1. STATUTORY INFORMATION

Global Satellite Solutions 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.

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.
Furniture and equipment - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

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.

Going concern
The financial statements have been drawn up on a going concern basis which assumes adequate finance will continue to be made available and accordingly do not take account of adjustments, if any, which may be necessary if the company is unable to continue as a concern.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

GLOBAL SATELLITE SOLUTIONS LIMITED (REGISTERED NUMBER: 03239765)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


4. TANGIBLE FIXED ASSETS
Furniture Fixtures
and and
equipment fittings Totals
£    £    £   
COST
At 1 January 2022
and 31 December 2022 27,452 4,478 31,930
DEPRECIATION
At 1 January 2022 24,479 4,471 28,950
Charge for year 743 2 745
At 31 December 2022 25,222 4,473 29,695
NET BOOK VALUE
At 31 December 2022 2,230 5 2,235
At 31 December 2021 2,973 7 2,980

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 187,413 189,195
Amounts owed by associated companies 186,835 186,835
Other debtors 8,527 8,724
382,775 384,754

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 63,289 65,624
Amounts owed to associated companies 385,643 396,915
Taxation and social security 498 108
Other creditors 20,960 18,918
470,390 481,565

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
10 Ordinary £1 10 10

GLOBAL SATELLITE SOLUTIONS LIMITED (REGISTERED NUMBER: 03239765)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


8. RESERVES
Retained
earnings
£   

At 1 January 2022 (33,675 )
Deficit for the year (19,552 )
At 31 December 2022 (53,227 )

9. RELATED PARTY DISCLOSURES

At 31 December 2022 the company was owed £186,835 (2021: £186,835) by associated companies. The company also owed £385,643 (2021: £396,915) to associated companies.

Of the trade debtors balance at 31 December 2022 £152,667 (2021: £150,636) relates to additional amounts owed by associated companies.

Of the trade creditors balance at 31 December 2022 £61,334 (2021: £61,334) relates to additional amounts owed to associated companies.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GLOBAL SATELLITE SOLUTIONS LIMITED


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Global Satellite Solutions Limited for the year ended 31 December 2022 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Global Satellite Solutions Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Global Satellite Solutions Limited and state those matters that we have agreed to state to the director of Global Satellite Solutions Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Global Satellite Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Global Satellite Solutions Limited. You consider that Global Satellite Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Global Satellite Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Wettone Matthews Limited
Chartered Certified Accountants
Market House
21 Lenten Street
Alton
GU34 1HG


12 November 2024