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COMPANY REGISTRATION NUMBER: 07953176
GLOBAL IMAGE (UK) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
29 February 2024
GLOBAL IMAGE (UK) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 29th FEBRUARY 2024
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
GLOBAL IMAGE (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
8,547
12,638
CURRENT ASSETS
Stocks
6
7,980
7,740
Debtors
7
27,902
32,591
Cash at bank and in hand
41,486
42,807
---------
---------
77,368
83,138
CREDITORS: amounts falling due within one year
8
34,678
38,532
---------
---------
NET CURRENT ASSETS
42,690
44,606
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
51,237
57,244
CREDITORS: amounts falling due after more than one year
9
10,018
18,018
---------
---------
NET ASSETS
41,219
39,226
---------
---------
CAPITAL AND RESERVES
Called up share capital
10
100
100
Profit and loss account
41,119
39,126
---------
---------
SHAREHOLDERS FUNDS
41,219
39,226
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29th February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GLOBAL IMAGE (UK) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 25 November 2024 , and are signed on behalf of the board by:
W. P. Hall
Director
Company registration number: 07953176
GLOBAL IMAGE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29th FEBRUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 6, Lawson Street, North Shields, Tyne & Wear, NE29 6TF.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. TANGIBLE ASSETS
Plant and Equipment
£
Cost
At 1st March 2023
25,204
Additions
960
Disposals
( 5,542)
---------
At 29th February 2024
20,622
---------
Depreciation
At 1st March 2023
12,566
Charge for the year
5,051
Disposals
( 5,542)
---------
At 29th February 2024
12,075
---------
Carrying amount
At 29th February 2024
8,547
---------
At 28th February 2023
12,638
---------
6. STOCKS
2024
2023
£
£
Stocks
7,980
7,740
-------
-------
7. DEBTORS
2024
2023
£
£
Trade debtors
14,089
31,570
Other debtors
13,813
1,021
---------
---------
27,902
32,591
---------
---------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loan
8,000
8,000
Trade creditors
6,124
13,889
Social security and other taxes
9,859
4,593
Other creditors
10,695
12,050
---------
---------
34,678
38,532
---------
---------
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loan
10,018
18,018
---------
---------
10. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
M. Binks
14,000
( 360)
13,640
----
---------
----
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
M. Binks
----
----
----
----
12. RELATED PARTY TRANSACTIONS
No transactions with related parties were undertaken such as are required to be disclosed under the FRS 102 Section 1A small entities.