Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Current assets | ||||
Debtors | 2 |
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111,640 | 111,640 | |||
Creditors: amounts falling due within one year | 3 | (
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Net current assets | 1 | 1 | ||
Total assets less current liabilities | 1 | 1 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Total shareholder's funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Globalshots Limited (registered number:
M P Jacobs
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Globalshots Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors do not consider the company to be a going concern because the company is no longer trading and have therefore prepared the financial statements on a basis other than going concern. There has been no financial impairment of the company's assets as a result of this basis of valuation.
The Company had net assets of £1 as of 30 June 2024 and the directors have confirmed that the parent undertaking will support the company to enable it to meet current liabilities as they fall due during this period of inactivity.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like other debtors and creditors and loans to and from related parties.
Financial assets
Basic financial assets, including other debtors and loans to related parties are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including other creditors and loans from related parties, 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 receipts discounted at a market rate of interest.
Financial assets and liabilities are offset and 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.
Financial assets and liabilities are offset and 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.
2024 | 2023 | ||
£ | £ | ||
Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Other creditors |
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Included within other debtors is a balance of £44,836 (2023: £44,836) owed by a company under group control. This balance is unsecured and interest-free with no fixed repayment terms.
Also included within other debtors is a balance of £66,803 (2023: £63,803) owed by a company under common control. This balance is unsecured and interest-free with no fixed repayment terms.
Included within other creditors due within one year is a balance of £108,279 (2023: £108,279) owed to a company controlled by two Directors. This balance is unsecured and interest-free with no fixed repayment terms.
Also included within other creditors due within one year is a balance of £3,360 (2023: £3,360) owed to the Directors. This balance is unsecured and interest-free with no fixed repayment terms.
Parent Company:
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