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REGISTERED NUMBER: 03254461 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

GLOBAL LICENSING LIMITED

GLOBAL LICENSING LIMITED (REGISTERED NUMBER: 03254461)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 6

Balance Sheet 7

Statement of Changes in Equity 8

Notes to the Financial Statements 9


GLOBAL LICENSING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







Directors: M S Mattu
G S Mattu





Registered office: 11 St. Georges Way
Leicester
Leicestershire
LE1 1SH





Registered number: 03254461 (England and Wales)





Auditors: Haines Watts Audit EM Limited
1 Merus Court
Meridian Business Park
Leicester
LE19 1RJ

GLOBAL LICENSING LIMITED (REGISTERED NUMBER: 03254461)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

The directors present their strategic report for the year ended 31 July 2024.

Review of business
Whilst sales have increased, profit has decreased this year compared with last year. However, the Balance Sheet remains strong.

Staff morale and well being continue to be at the forefront of management actions.

Key performance indicators

2024 2023
£ £
Turnover 28,704,478 27,311,596
Gross profit 2,951,603 3,439,342
Net assets 2,146,217 2,038,653

Principal risks and uncertainties
Our sourcing offices continue to work closely with all local manufacturing and logistics suppliers to ensure quality, compliance and delivery standards are maintained. The offices also ensure that local government and environmental standards are adhered to by all associated with our supply and delivery.

The reliance on overseas production means the company purchases and sells products in different currencies. In general both purchases and sales are in the same currency, thus minimising risk but exchange rate exposure, where it does arise, is limited by utilising systems which minimise risk.

Research and development
The company continues to invest in design and researching innovative ways to present products to our customers. This includes investing in new Licenses for our brand portfolio.

On behalf of the board:





M S Mattu - Director


27 February 2025

GLOBAL LICENSING LIMITED (REGISTERED NUMBER: 03254461)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024

The directors present their report with the financial statements of the Company for the year ended 31 July 2024.

Principal activity
The principal activity of the Company in the year under review was that of the design and manufacture of licensed apparel.

Dividends
No dividends will be distributed for the year ended 31 July 2024.

Directors
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report.

M S Mattu
G S Mattu

Disclosure in the strategic report
As permitted by Paragraph 1A of schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and reports) Regulations 2008 certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report instead.

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors
The auditors, Haines Watts Audit EM Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





M S Mattu - Director


27 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GLOBAL LICENSING LIMITED

Opinion
We have audited the financial statements of Global Licensing Limited (the 'Company') for the year ended 31 July 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the Company's affairs as at 31 July 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GLOBAL LICENSING LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


-
Enquiry of management and those charged with governance around actual, potential or suspectedlitigation,
claims, non-compliance with applicable laws and regulations and fraud.

-
Enquiry of entity staff in tax and compliance functions and external advisors to identify any instancesof
noncompliance with laws and regulations.


-
Performing audit work over the risk of management override, including testing of journal entries andother
adjustments for appropriateness, evaluating the business rationale of significant transactionsoutside the normal
course of business and reviewing accounting estimates for bias.

-
Reviewing of financial statements disclosures and testing to supporting documentation to assesscompliance
with applicable laws and regulations.

-
Discussions with the engagement team in relation to how and where fraud might occur in the
financialstatements and any potential indicators of fraud.
- Reviewing any minutes for meetings during the year.

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely to involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Shiran Wynter ACA (Senior Statutory Auditor)
for and on behalf of Haines Watts Audit EM Limited
1 Merus Court
Meridian Business Park
Leicester
LE19 1RJ

27 February 2025

GLOBAL LICENSING LIMITED (REGISTERED NUMBER: 03254461)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes £ £

Turnover 4 28,704,478 27,311,596

Cost of sales 25,752,875 23,872,254
Gross profit 2,951,603 3,439,342

Administrative expenses 2,774,877 3,059,731
Operating profit 6 176,726 379,611


Interest payable and similar expenses 7 33,843 63,697
Profit before taxation 142,883 315,914

Tax on profit 8 35,319 66,844
Profit for the financial year 107,564 249,070

Other comprehensive income - -
Total comprehensive income for the year 107,564 249,070

GLOBAL LICENSING LIMITED (REGISTERED NUMBER: 03254461)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £ £
Fixed assets
Intangible assets 9 - -
Tangible assets 10 35,618 17,640
Investments 11 813,479 -
849,097 17,640

Current assets
Stocks 12 187,335 -
Debtors 13 8,928,429 7,641,062
Cash at bank 1,584,673 1,067,993
10,700,437 8,709,055
Creditors
Amounts falling due within one year 14 (9,394,412 ) (6,683,632 )
Net current assets 1,306,025 2,025,423
Total assets less current liabilities 2,155,122 2,043,063

Provisions for liabilities 17 (8,905 ) (4,410 )
Net assets 2,146,217 2,038,653

Capital and reserves
Called up share capital 18 42 42
Share premium 19 5,980 5,980
Capital redemption reserve 19 78 78
Retained earnings 19 2,140,117 2,032,553
Shareholders' funds 2,146,217 2,038,653

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2025 and were signed on its behalf by:





M S Mattu - Director


GLOBAL LICENSING LIMITED (REGISTERED NUMBER: 03254461)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£ £ £ £ £
Balance at 1 August 2022 42 1,783,483 5,980 78 1,789,583

Changes in equity
Total comprehensive income - 249,070 - - 249,070
Balance at 31 July 2023 42 2,032,553 5,980 78 2,038,653

Changes in equity
Total comprehensive income - 107,564 - - 107,564
Balance at 31 July 2024 42 2,140,117 5,980 78 2,146,217

GLOBAL LICENSING LIMITED (REGISTERED NUMBER: 03254461)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

Global Licensing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

After reviewing the Company's financial position and forecasts, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

This information is included in the consolidated financial statements of B M Fashions (Holdings) Limited as at 31 July 2024 and these financial statements may be obtained from 11 St Georges Way, Leicester, LE1 1SH.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixture & fittings - 25% on cost
Computer equipment - 25% on cost

Tangible fixed assets are initially recorded at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

GLOBAL LICENSING LIMITED (REGISTERED NUMBER: 03254461)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

GLOBAL LICENSING LIMITED (REGISTERED NUMBER: 03254461)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic, utilisation and the physical condition of the assets.

(ii) Stock provisioning
The Company continues to design and manufacture of licensed apparel and is exposed to changes in the market prices of clothing. As a result it is necessary to consider the recoverability of the cost of stocks and the associated provisioning required. When calculating the stocks provision, management considers the nature and condition of the stocks, as well as applying assumptions around anticipated saleability of finished goods and future use of raw materials.

(iii) Impairment of assets
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

(iv) Accruals provisioning
The Company provides for liabilities in proportion to the risk that they are exposed to.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the Company.

In the opinion of the directors, the disclosure of turnover by geographical location would be seriously prejudicial to the interests of the reporting entity and therefore this information has not been disclosed.

GLOBAL LICENSING LIMITED (REGISTERED NUMBER: 03254461)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

5. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 1,194,023 1,504,144
Social security costs 130,426 131,963
Other pension costs 32,951 33,160
1,357,400 1,669,267

The average number of employees during the year was as follows:
2024 2023

Production 29 31
Management and administration 3 3
Sales, marketing and distribution 9 10
41 44

2024 2023
£ £
Directors' remuneration - -

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£ £
Other operating leases 111,991 116,129
Depreciation - owned assets 31,157 14,971
Auditors' remuneration 14,000 9,200
Auditors' remuneration for non audit work 3,500 2,500
Foreign exchange differences (142,979 ) 219,221

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Interest payable 33,843 63,697

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 30,824 68,812

Deferred tax 4,495 (1,968 )
Tax on profit 35,319 66,844

UK corporation tax has been charged at 25% (2023 - 25%).

GLOBAL LICENSING LIMITED (REGISTERED NUMBER: 03254461)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
Profit before tax 142,883 315,914
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

35,721

78,979

Effects of:
Expenses not deductible for tax purposes 13,081 (4,140 )
Capital allowances in excess of depreciation (49,135 ) (6,027 )
Deferred tax 4,495 (1,968 )
Depreciation 31,157 -

Total tax charge 35,319 66,844

9. INTANGIBLE FIXED ASSETS
Patents and
licences
£
Cost
At 1 August 2023
and 31 July 2024 69,000
Amortisation
At 1 August 2023
and 31 July 2024 69,000
Net book value
At 31 July 2024 -
At 31 July 2023 -

10. TANGIBLE FIXED ASSETS
Fixture & Computer
fittings equipment Totals
£ £ £
Cost
At 1 August 2023 113,030 20,485 133,515
Additions 49,135 - 49,135
At 31 July 2024 162,165 20,485 182,650
Depreciation
At 1 August 2023 95,390 20,485 115,875
Charge for year 31,157 - 31,157
At 31 July 2024 126,547 20,485 147,032
Net book value
At 31 July 2024 35,618 - 35,618
At 31 July 2023 17,640 - 17,640

GLOBAL LICENSING LIMITED (REGISTERED NUMBER: 03254461)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
Cost
Additions 813,479
At 31 July 2024 813,479
Net book value
At 31 July 2024 813,479

The Company's investments at the Balance Sheet date in the share capital of companies include the following:

Fashion UK for Recycling Ltd
Registered office: Egypt
Nature of business: Recycling waste fabric materials
%
Class of shares: holding
Ordinary 99.00

12. STOCKS
2024 2023
£ £
Stocks 187,335 -

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 6,363,655 6,228,897
Amounts owed by group undertakings 1,558,273 1,029,112
Tax 56,598 -
VAT 677,629 172,421
Prepayments 272,274 210,632
8,928,429 7,641,062

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 4,082,796 2,308,553
Amounts owed to group undertakings 4,377,626 1,946,965
Corporation tax - 217,120
Social security and other taxes 35,052 29,673
Other creditors 2,226 1,382
Other borrowings 87,252 644,081
Accrued expenses 809,460 1,535,858
9,394,412 6,683,632

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 81,965 80,750
Between one and five years 27,524 26,917
109,489 107,667

GLOBAL LICENSING LIMITED (REGISTERED NUMBER: 03254461)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Other borrowings 87,252 644,081

All amounts included within bank loans and overdrafts are secured by way of a fixed and floating charge over company assets.

17. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 8,905 4,410

Deferred tax
£
Balance at 1 August 2023 4,410
Charge to Statement of Comprehensive Income during year 4,495
Balance at 31 July 2024 8,905

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
300 Ordinary B 0.1 30 30
120 Ordinary C 0.1 12 12
42 42

19. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£ £ £ £

At 1 August 2023 2,032,553 5,980 78 2,038,611
Profit for the year 107,564 107,564
At 31 July 2024 2,140,117 5,980 78 2,146,175

20. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year, a total of key management personnel compensation of £173,185 (2023 - £236,088) was paid.

21. ULTIMATE CONTROLLING PARTY

From 17 May 2024, the immediate parent company is B.M.Fashions (U.K.) Limited, a company incorporated in the United Kingdom. B.M.Fashions (U.K.) holds the controlling interest in the Company.

B.M.Fashions (U.K.) Limited is controlled by B.M.Fashions (Holdings) Limited, a company incorporated in the United Kingdom which continues to be the controlling party.

B.M.Fashions (Holdings) Limited produces consolidated accounts which are publically available at 11 St Georges Way, Leicester, LE1 1SH.