Company registration number 14130822 (England and Wales)
CHANNEL GLOBAL LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024
30 June 2024
PAGES FOR FILING WITH REGISTRAR
CHANNEL GLOBAL LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
CHANNEL GLOBAL LTD
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Cash at bank and in hand
14,504
9,997
Creditors: amounts falling due within one year
5
(30,219)
(19,033)
Net current liabilities
(15,715)
(9,036)
Creditors: amounts falling due after more than one year
6
(416,941)
(207,641)
Net liabilities
(432,656)
(216,677)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(432,756)
(216,777)
Total equity
(432,656)
(216,677)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 11 March 2025 and are signed on its behalf by:
Ms K Youhanna
Director
Company registration number 14130822 (England and Wales)
CHANNEL GLOBAL LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 22 May 2022
-
0
-
0
-
Period ended 30 June 2023:
Loss and total comprehensive income
-
(216,777)
(216,777)
Issue of share capital
7
100
-
100
Balance at 30 June 2023
100
(216,777)
(216,677)
Period ended 30 June 2024:
Loss and total comprehensive income
-
(215,979)
(215,979)
Balance at 30 June 2024
100
(432,756)
(432,656)
CHANNEL GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Channel Global Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 49 Greek Street, London, W1D 4EG.

1.1
Reporting period

The results for the year ended 30th June 2024 represent a 365 day period from 1st July 2023 to 30th June 2024.

 

As the company was incorporated on 25th May 2022 and the prior year accounting reference date was set as 30th June 2024, the prior year period represents a 402 day period.

 

As such, the results of the current year and prior period are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

These financial statements show a net liability position of £432,656 at the balance sheet date.

 

The company is in the early stages of establishing itself in the UK market and as such is expected to be loss making for the foreseeable future.

 

The company has reviewed its funding requirements and with the continued support of its parent company the company will be able to meet its liabilities and obligations as they fall due.

 

The parent company has committed to providing ongoing support and as such, the loans due from the parent company are shown as a long term creditor.

 

Based on the above assurances, these financial statements are prepared on the going concern basis.

 

The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CHANNEL GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

CHANNEL GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

There are no key estimates or judgement uncertainties in the financial statements for the year ended 30 June 2024 or the period ended 30 June 2023.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
4
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
175,846
176,372
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
11,969
8,158
Other creditors
18,250
10,875
30,219
19,033
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
416,941
207,641
CHANNEL GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100

On incorporation the company issued 100 ordinary shares at their par value of £1 each. These shares were fully paid.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Andrew Davis ACCA CTA FMAAT
Statutory Auditor:
AMS Accountants Corporate Ltd
Date of audit report:
11 March 2025
9
Related party transactions
Remuneration of key management personnel

As the directors and key management personnel are deemed to be the same individuals, the company has taken advantage of the exemptions in FRS102 Section 33.7A and this information is presented in note 4 of the financial statements.

Other information

The company has taken advantage of the disclosure exemptions in FRS102 Section 33.1A not to disclose transactions entered into between members of a group as the subsidiary is wholly owned by its parent.

10
Parent company

The ultimate parent undertaking is Channel Capital PTY Ltd, a company incorporated in the Australia whose registered office is Level 25, 1 Eagle Street, Brisbane, QLD 4000, Australia.

 

The ultimate controlling party of the company is Glen Holding.

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