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Registered number: 11923607
Global Commissioning Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Simon and Co Accountancy Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11923607
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 142,441 42,408
142,441 42,408
CURRENT ASSETS
Debtors 5 2,100,201 1,212,478
Cash at bank and in hand 832,511 8,636
2,932,712 1,221,114
Creditors: Amounts Falling Due Within One Year 6 (1,506,616 ) (719,270 )
NET CURRENT ASSETS (LIABILITIES) 1,426,096 501,844
TOTAL ASSETS LESS CURRENT LIABILITIES 1,568,537 544,252
NET ASSETS 1,568,537 544,252
CAPITAL AND RESERVES
Called up share capital 7 10 10
Profit and Loss Account 1,568,527 544,242
SHAREHOLDERS' FUNDS 1,568,537 544,252
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For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Richard Fox
Director
Mr Mark Squire
Director
Mr Louis Charlton
Director
18/12/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Global Commissioning Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11923607 . The registered office is 2nd Floor, Radio House John Wilson Business Park, Whitstable Kent, CT5 3QP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 25% Straight Line Method
Motor Vehicles 25% Reducing balance method
Fixtures & Fittings 25% Straight line method
Computer Equipment 33.3% Straight line method
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 60 (2023: 48)
60 48
4. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 May 2023 7,323 4,118 39,274 95,209 145,924
Additions 34,991 - 71,694 42,703 149,388
Disposals - (4,118 ) - - (4,118 )
As at 30 April 2024 42,314 - 110,968 137,912 291,194
...CONTINUED
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Depreciation
As at 1 May 2023 7,323 2,417 24,533 69,243 103,516
Provided during the period 4,583 - 15,771 27,300 47,654
Disposals - (2,417 ) - - (2,417 )
As at 30 April 2024 11,906 - 40,304 96,543 148,753
Net Book Value
As at 30 April 2024 30,408 - 70,664 41,369 142,441
As at 1 May 2023 - 1,701 14,741 25,966 42,408
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,136,870 1,051,920
Prepayments and accrued income 948,194 114,644
Other debtors 15,137 9,078
Directors' loan accounts - 36,836
2,100,201 1,212,478
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 511,467 398,094
Corporation tax 452,383 68,650
Other taxes and social security 394,432 125,074
VAT 61,767 59,812
Net wages - 1,234
Pension Payable 45,537 26,020
Credit cards 32,509 19,773
Accruals and deferred income 8,500 6,475
Directors' loan accounts 21 4,138
Amounts owed to group undertakings - 10,000
1,506,616 719,270
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
8. Directors Advances, Credits and Guarantees
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Dividends paid to directors
2024 2023
£ £
Mr Richard Fox 104,288 84,000
Mrs Samantha Fox 104,288 84,000
Mr Mark Squire 104,288 84,000
Mr Louis Charlton 28,231 -
9. Controlling Party
The company's controlling party is Richard John Fox, Samantha Fox, Mark Squire by virtue of their ownership of (33.33)% each of the issued share capital in the company.
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