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Registered Number: 10243238


 

 

 

GLOBAL FOOD CENTRE LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 July 2023

End date: 30 June 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 470    470 
Tangible fixed assets 4 52,091    47,460 
52,561    47,930 
Current assets      
Stocks 5 346,024    428,024 
Debtors 6 195,856    213,138 
Investments 7 88,873   
Cash at bank and in hand 67,147    86,301 
697,900    727,463 
Creditors: amount falling due within one year 8 (483,556)   (555,028)
Net current assets 214,344    172,435 
 
Total assets less current liabilities 266,905    220,365 
Net assets 266,905    220,365 
 

Capital and reserves
     
Called up share capital 9 120    120 
Profit and loss account 266,785    220,245 
Shareholders' funds 266,905    220,365 
 


For the year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 18 March 2025 and were signed on its behalf by:


-------------------------------
URREHMAN ZIA
Director
1
General Information
GLOBAL FOOD CENTRE LIMITED is a private company, limited by shares, registered in , registration number 10243238, registration address Unit 10 Schooner Court, Crossways Business Park, , Dartfort, DA2 6NW.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognized in the statement of income, except to the extent that it relates to items recognized in other comprehensive income or directly in capital and reserves. The companys liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 18% Reducing Balance
Motor Vehicles 18% Reducing Balance
Fixtures and Fittings 18% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 8 (2023 : 6).
3.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 July 2023 470    470 
Additions  
Disposals  
At 30 June 2024 470    470 
Net book values
At 30 June 2024 470    470 
At 30 June 2023 470    470 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Total
  £   £   £   £
At 01 July 2023 42,500    23,290    11,389    77,179 
Additions   14,899    1,166    16,065 
Disposals      
At 30 June 2024 42,500    38,189    12,555    93,244 
Depreciation
At 01 July 2023 13,923    10,449    5,347    29,719 
Charge for year 5,144    4,993    1,297    11,434 
On disposals      
At 30 June 2024 19,067    15,442    6,644    41,153 
Net book values
Closing balance as at 30 June 2024 23,433    22,747    5,911    52,091 
Opening balance as at 01 July 2023 28,577    12,841    6,042    47,460 


5.

Stocks

2024
£
  2023
£
Stocks 346,024    428,024 
346,024    428,024 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 125,757    139,623 
Prepayments & Accrued Income 11,190    11,190 
Rent Deposit 48,344    48,344 
VAT Refundable 5,485    11,157 
PAYE & Social Security 5,080    2,824 
195,856    213,138 

7.

Investments

2024
£
  2023
£
Other Investments - Unlisted - Cost b/fwd 88,873   
88,873   

8.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 352,137    455,677 
Corporation Tax 21,576    15,924 
Other Creditors (2)  
Wages & Salaries Control Account 3,169   
Directors' Current Accounts 106,676    83,427 
483,556    555,028 

9.

Share Capital

Authorised
120 Class A shares of £1.00 each
Allotted, called up and fully paid
2024
£
  2023
£
120 Class A shares of £1.00 each 120    120 
120    120 

2