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Registered Number: 06908105
England and Wales

 

 

 

GLOBAL ENGINES & GEARBOX LTD


Abridged Accounts
 


Period of accounts

Start date: 01 May 2023

End date: 30 April 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 125,000    125,000 
Tangible fixed assets 4 23,146    29,791 
148,146    154,791 
Current assets      
Stocks 37,500    71,250 
Debtors 47,900    47,900 
Cash at bank and in hand 69,137    56,107 
154,537    175,257 
Creditors: amount falling due within one year (25,048)   (50,531)
Net current assets 129,489    124,726 
 
Total assets less current liabilities 277,635    279,517 
Creditors: amount falling due after more than one year (29,033)   (39,033)
Net assets 248,602    240,484 
 

Capital and reserves
     
Called up share capital 5 250    250 
Share premium account 124,800    124,800 
Profit and loss account 123,552    115,434 
Shareholders' funds 248,602    240,484 
 


For the year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 22 January 2025 and were signed by:


-------------------------------
Mohammad Kamal Siddiqui
Director
1
General Information
GLOBAL ENGINES & GEARBOX LTD is a private company, limited by shares, registered in England and Wales, registration number 06908105, registration address UNIT 4, DAVENPORT CENTRE, RENWICK ROAD BARKING, LONDON, IG11 0SH.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 15% Reducing Balance
Motor Vehicles 10% Straight Line
Computer Equipment 20% Straight Line
Improvements to property 15% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 10 (2023 : 10).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 May 2023 125,000    125,000 
Additions  
Disposals  
At 30 April 2024 125,000    125,000 
Net book values
At 30 April 2024 125,000    125,000 
At 30 April 2023 125,000    125,000 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Computer Equipment   Improvements to property   Total
  £   £   £   £   £
At 01 May 2023 10,345    33,515    5,852    27,105    76,817 
Additions     3,120      3,120 
Disposals        
At 30 April 2024 10,345    33,515    8,972    27,105    79,937 
Depreciation
At 01 May 2023 6,655    12,081    4,625    23,664    47,025 
Charge for year 554    3,351    1,795    4,066    9,766 
On disposals        
At 30 April 2024 7,209    15,432    6,420    27,730    56,791 
Net book values
Closing balance as at 30 April 2024 3,136    18,083    2,552    (625)   23,146 
Opening balance as at 01 May 2023 3,690    21,434    1,227    3,440    29,791 


5.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
250 Class A shares of £1.00 each 250    250 
250    250 

2