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REGISTERED NUMBER: 10282327 (England and Wales)















Financial Statements for the Year Ended 31 December 2024

for

Globality UK Limited

Globality UK Limited (Registered number: 10282327)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Globality UK Limited

Company Information
for the Year Ended 31 December 2024







DIRECTOR: J Hyatt





REGISTERED OFFICE: Fourth Floor St James House
St James' Square
Cheltenham
Gloucestershire
GL50 3PR





REGISTERED NUMBER: 10282327 (England and Wales)





AUDITORS: Mark Arber Limited
Chartered Certified Accountants
& Statutory Auditors
71-75 Shelton Street
London
WC2H 9JQ

Globality UK Limited (Registered number: 10282327)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £   
CURRENT ASSETS
Debtors 4 3,083,410 2,837,328
Cash at bank 46,447 83,436
3,129,857 2,920,764
CREDITORS
Amounts falling due within one year 5 136,653 172,235
NET CURRENT ASSETS 2,993,204 2,748,529
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,993,204

2,748,529

CAPITAL AND RESERVES
Called up share capital 100 100
Share Option Reserve 332,441 332,441
Retained earnings 2,660,663 2,415,988
SHAREHOLDERS' FUNDS 2,993,204 2,748,529

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 March 2025 and were signed by:





J Hyatt - Director


Globality UK Limited (Registered number: 10282327)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Globality UK 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.

These financial statements have been drawn up on the going concern basis. The company is dependent upon the support of its parent company, and only customer, to meet its working capital requirements. The parent company has provided assurances that this support will continue for a period that exceeds twelve months from the date of approval of these financial statements. However, the group has incurred recurring losses from operations and has a net capital deficiency and is dependent upon its ability to raise capital to continue as a going concern and provide the necessary support. No adjustments have been made in these accounts which might result from a withdrawal of that support.

Significant judgements and estimates
Any estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company's sole customer is its ultimate parent company, to whom it is contracted by to deliver services under an intercompany agreement on a cost plus basis. This agreement does not take into account any share option expense.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 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.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

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 initially recognised at transaction price.


Globality UK Limited (Registered number: 10282327)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax is not recognised on timing differences arising on share based payments due to the material uncertainty as to when or if the timing differences will reverse and the value of the asset.

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.

Share based payments
The employees of the company are entitled to participate in the group share based compensation scheme. Cost is recognised in these financial statements based on the fair value of the awards at the date of grant, amortized over any vesting period that may apply. The company has taken the exemption provided in FRS 102 Section 1.12D not to disclose details of share-based payment arrangements concerning equity instruments of another group entity.

Fixed assets
The company follows the group fixed asset policy not to capitalise individual items with a cost less than $3,000 and to charge them to the profit and loss account when put to use within the business.

A number of laptop computers are held in reserve and their cost of is included in other debtors. The laptops are charged to profit and loss when assigned to employees.

Cash and cash equivalents
Cash is measured at its nominal value. Cash equivalents are measured at fair value at the time of acquisition and subsequently at amortized cost using the effective interest method, if applicable.

Globality UK Limited (Registered number: 10282327)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2023 - 43 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Amounts owed by group undertakings 2,912,816 2,731,884
Other debtors 170,594 105,444
3,083,410 2,837,328

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 19,981 64,956
Taxation and social security 67,164 38,447
Other creditors 49,508 68,832
136,653 172,235

6. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Arber (Senior Statutory Auditor)
for and on behalf of Mark Arber Limited

7. RELATED PARTY DISCLOSURES

The company has taken the exemption provided by FRS 102 Section 33.1A not to disclose related party transactions with wholly owned subsidiaries within the group.

8. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Globality Inc, a company incorporated in the USA. Copies of the group financial statements for this company, are available at its principal place of business at 395 Page Mill Rd, Ste 150, Palo Alto, CA 94306.. The ultimate controlling party is not known.