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REGISTERED NUMBER: 09452922 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2024

for

GLOCAL FOODS LIMITED

GLOCAL FOODS LIMITED (REGISTERED NUMBER: 09452922)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GLOCAL FOODS LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTOR: Mr Huseyin Ungan





REGISTERED OFFICE: 293 Green Lanes
Palmers Green
London
N13 4XS





REGISTERED NUMBER: 09452922 (England and Wales)





ACCOUNTANTS: ADPL LLP
293 Green Lanes
London
N13 4XS

GLOCAL FOODS LIMITED (REGISTERED NUMBER: 09452922)

Balance Sheet
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 33,897 45,197

CURRENT ASSETS
Stocks 390,000 342,250
Debtors 5 32,156 138,129
Cash at bank and in hand 24,442 14,064
446,598 494,443
CREDITORS
Amounts falling due within one year 6 376,605 446,116
NET CURRENT ASSETS 69,993 48,327
TOTAL ASSETS LESS CURRENT
LIABILITIES

103,890

93,524

CREDITORS
Amounts falling due after more than one
year

7

(90,361

)

(84,698

)

PROVISIONS FOR LIABILITIES 8 (6,441 ) (5,592 )
NET ASSETS 7,088 3,234

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 6,988 3,134
SHAREHOLDERS' FUNDS 7,088 3,234

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GLOCAL FOODS LIMITED (REGISTERED NUMBER: 09452922)

Balance Sheet - continued
31 DECEMBER 2024


The 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 March 2025 and were signed by:





Mr Huseyin Ungan - Director


GLOCAL FOODS LIMITED (REGISTERED NUMBER: 09452922)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Glocal Foods 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts are prepared on a going concern basis, the use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

GLOCAL FOODS LIMITED (REGISTERED NUMBER: 09452922)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2024
and 31 December 2024 5,083 24,665 58,134 1,733 89,615
DEPRECIATION
At 1 January 2024 4,487 19,422 19,259 1,250 44,418
Charge for year 149 1,311 9,719 121 11,300
At 31 December 2024 4,636 20,733 28,978 1,371 55,718
NET BOOK VALUE
At 31 December 2024 447 3,932 29,156 362 33,897
At 31 December 2023 596 5,243 38,875 483 45,197

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors - 6,551
Other debtors 32,156 131,578
32,156 138,129

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts 48,207 14,598
Trade creditors 189,406 129,604
Taxation and social security 30,319 54,229
Other creditors 108,673 247,685
376,605 446,116

GLOCAL FOODS LIMITED (REGISTERED NUMBER: 09452922)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£    £   
Bank loans 90,361 84,698

8. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax 6,441 5,592

Deferred
tax
£   
Balance at 1 January 2024 5,592
Provided during year 849
Balance at 31 December 2024 6,441

9. ULTIMATE CONTROLLING PARTY



The company was under the control of Mr H Ungan throughout the financial period under review by the virtue of his 100% shareholding.