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COMPANY REGISTRATION NUMBER: 4292172
Global 4 Components Limited
Filleted Unaudited Financial Statements
29 February 2024
Global 4 Components Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
208,379
222,622
Current assets
Stocks
104,421
155,523
Debtors
7
1,176,631
1,785,622
Cash at bank and in hand
714,421
811,387
------------
------------
1,995,473
2,752,532
Creditors: amounts falling due within one year
8
657,254
1,202,908
------------
------------
Net current assets
1,338,219
1,549,624
------------
------------
Total assets less current liabilities
1,546,598
1,772,246
Creditors: amounts falling due after more than one year
9
200,000
Provisions
Taxation including deferred tax
17,166
14,058
------------
------------
Net assets
1,529,432
1,558,188
------------
------------
Capital and reserves
Called up share capital
10
10
10
Profit and loss account
1,529,422
1,558,178
------------
------------
Shareholders funds
1,529,432
1,558,188
------------
------------
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 29 February 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Global 4 Components 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:
Mr I G Thirlwell
Director
Company registration number: 4292172
Global 4 Components Limited
Notes to the Financial Statements
Year ended 29 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 57-59 Witham, Hull, East Yorkshire, HU9 1BE.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less, or to receive more tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 machinery
-
20% straight line
Motor vehicles
-
25% straight line
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2023: 18 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
106,609
243,368
Deferred tax:
Origination and reversal of timing differences
3,108
5,074
---------
---------
Tax on profit
109,717
248,442
---------
---------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 March 2023
73,692
303,052
376,744
Additions
30,740
30,740
--------
---------
---------
At 29 February 2024
73,692
333,792
407,484
--------
---------
---------
Depreciation
At 1 March 2023
65,898
88,224
154,122
Charge for the year
1,960
43,023
44,983
--------
---------
---------
At 29 February 2024
67,858
131,247
199,105
--------
---------
---------
Carrying amount
At 29 February 2024
5,834
202,545
208,379
--------
---------
---------
At 28 February 2023
7,794
214,828
222,622
--------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 29 February 2024
----
At 28 February 2023
20,663
--------
7. Debtors
2024
2023
£
£
Trade debtors
630,324
1,405,901
Prepayments and accrued income
23,353
20,193
Amounts owed by associated companies
522,954
359,528
------------
------------
1,176,631
1,785,622
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
200,000
100,000
Trade creditors
124,486
341,919
Accruals and deferred income
180,192
278,250
Corporation tax
74,340
210,868
Social security and other taxes
55,101
112,314
Obligations under finance leases and hire purchase contracts
24,860
Amounts owed to associated companies
119,194
Other creditors
23,135
15,503
---------
------------
657,254
1,202,908
---------
------------
The factoring account is secured on the trade debtors of the company.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
200,000
----
---------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
10
10
10
10
----
----
----
----
11. Director's advances, credits and guarantees
During the year there were no director's advances, credits and guarantees.
12. Controlling party
This company's ultimate parent company is Veradis Management Limited, by virtue of its 100% shareholding in this company.