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Registration number: 08394034

Global Procurement and Logistics Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Global Procurement and Logistics Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Global Procurement and Logistics Ltd

Company Information

Director

Mr G Gilhooly

Company secretary

Mr A Gardyne

Registered office

 

First Floor
Templeback
10 Temple Back
Bristol
BS1 6FL

Accountants

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Global Procurement and Logistics Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Global Procurement and Logistics Ltd for the year ended 31 March 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Global Procurement and Logistics Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Global Procurement and Logistics Ltd and state those matters that we have agreed to state to the Board of Directors of Global Procurement and Logistics Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Global Procurement and Logistics Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Global Procurement and Logistics Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Global Procurement and Logistics Ltd. You consider that Global Procurement and Logistics Ltd 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 accounts of Global Procurement and Logistics Ltd. 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 accounts.

......................................

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

16 September 2024

 

Global Procurement and Logistics Ltd

(Registration number: 08394034)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

249,583

-

Investments

5

100

100

 

249,683

100

Current assets

 

Debtors

6

100

115

Cash at bank and in hand

 

7,522

-

 

7,622

115

Creditors: Amounts falling due within one year

7

(253,393)

(115)

Net current liabilities

 

(245,771)

-

Net assets

 

3,912

100

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

3,812

-

Shareholders' funds

 

3,912

100

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Global Procurement and Logistics Ltd

(Registration number: 08394034)
Balance Sheet as at 31 March 2024

Approved and authorised by the director on 16 September 2024
 

.........................................
Mr G Gilhooly
Director

 

Global Procurement and Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
First Floor
Templeback
10 Temple Back
Bristol
BS1 6FL

These financial statements were authorised for issue by the director on 16 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The financial statements have been prepared on a going concern basis.

 

Global Procurement and Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Revenue recognition

Turnover comprises the fair value of the consideration derived from that of property rental. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current income 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% on cost

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Global Procurement and Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2023 - 1).

 

Global Procurement and Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

Additions

251,225

251,225

At 31 March 2024

251,225

251,225

Depreciation

Charge for the year

1,642

1,642

At 31 March 2024

1,642

1,642

Carrying amount

At 31 March 2024

249,583

249,583

Included within the net book value of land and buildings above is £249,583 (2023 - £Nil) in respect of freehold land and buildings.
 

5

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 April 2023

100

Provision

Carrying amount

At 31 March 2024

100

At 31 March 2023

100

 

Global Procurement and Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

2024
£

2023
£

Other debtors

100

115

100

115

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

14

Taxation and social security

 

1,818

-

Accruals and deferred income

 

199

-

Other creditors

 

251,276

1

Owed by/(from) group undertakings

 

100

100

 

253,393

115

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

14

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Global Procurement and Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Related party transactions

The company operates a loan account with the director, Mr G Gilhooly.
At the year end, the balance due from the director was £70 (2023 - £70). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with the shareholder, Mr A Gardyne.
At the year end, the balance due from the shareholder was £30 (2023 - £30). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with the subsidiary, Global Sourcing and Logistics Ltd.
At the year end, the balance due to the subsidiary was £100 (2023 - £100). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with the related company, Global Design & Source Limited.
During the year, Global Design & Source Limited advanced loans totalling £251,275 to the company. At the year end, the balance due to Global Design & Source Limited was £251,276 (2023 - £1). This loan is unsecured, interest free and has no fixed repayment terms.