Registered number
05791391
The Global Finance & Capital Limited
Filleted Accounts
30 April 2024
The Global Finance & Capital Limited
Registered number: 05791391
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 47,426 1,230
Investments 4 21,000,000 -
21,047,426 1,230
Current assets
Debtors 5 561,352 560,665
Investments held as current assets 6 - 21,500,000
Cash at bank and in hand 1,039,872 655,614
1,601,224 22,716,279
Creditors: amounts falling due within one year 7 (96,473) (180,141)
Net current assets 1,504,751 22,536,138
Net assets 22,552,177 22,537,368
Capital and reserves
Called up share capital 24,240,000 24,240,000
Profit and loss account (1,687,823) (1,702,632)
Shareholders' funds 22,552,177 22,537,368
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A Panchariya
Director
Approved by the board on 28 January 2025
The Global Finance & Capital Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Consolidation
The company is a parent company subject to the small company regimes. The company and its subsidiary company comprise a small group. The company is therefore not required to and has not chosen to prepare group accounts.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures,
fittings and
equipment
over 4 years
Motor vehicles over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 1
3 Tangible fixed assets
Fixtures,
fittings and
equipment
Motor vehicles Total
£ £ £
Cost
At 1 May 2023 25,116 - 25,116
Additions 871 61,135 62,006
At 30 April 2024 25,987 61,135 87,122
Depreciation
At 1 May 2023 23,886 - 23,886
Charge for the year 526 15,284 15,810
At 30 April 2024 24,412 15,284 39,696
Net book value
At 30 April 2024 1,575 45,851 47,426
At 30 April 2023 1,230 - 1,230
4 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
Additions 18,000,000 3,000,000 21,000,000
At 30 April 2024 18,000,000 3,000,000 21,000,000
Investments in subsidiaries comprise of :
1) 9 millions ordinary shares of £1 each in Vintage Cigars International Limitec which represents 99.99% of total shareholding in Vintage Cigars International Limited.
2) 9 millions ordinary shares of £1 each in Panchariya Brothers Investment Limited which represents 99.99% of total shareholding in Panchariya Brothers Investment Limited.
Other investments comprise of unsecured bond in Global Green Energy & Power Corporation Limited in the sum of £3,000,000.
5 Debtors 2024 2023
£ £
Trade debtors 497,365 497,365
Other debtors 63,987 63,300
561,352 560,665
6 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments - 21,500,000
7 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,175 3,410
Taxation and social security costs 1,077 318
Other creditors 94,221 176,413
96,473 180,141
8 Other information
The Global Finance & Capital Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Manchester Square
London
W1U 3AB
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