Registered number
08164402
GlobalGig Limited
Filleted Accounts
30 September 2024
GlobalGig Limited
Registered number: 08164402
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 137,950 159,613
Tangible assets 4 58,635 87,952
196,585 247,565
Current assets
Debtors 5 366,723 764,203
Cash at bank and in hand (5,735) 46,021
360,988 810,224
Creditors: amounts falling due within one year 6 (1,434,887) (1,883,918)
Net current liabilities (1,073,899) (1,073,694)
Net liabilities (877,314) (826,129)
Capital and reserves
Called up share capital 1 1
Profit and loss account (877,315) (826,130)
Shareholder's funds (877,314) (826,129)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Tipton
Director
Approved by the board on 6 April 2025
GlobalGig Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Software over 4 years
Office equipment over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2023 216,924
At 30 September 2024 216,924
Amortisation
At 1 October 2023 57,311
Provided during the year 21,663
At 30 September 2024 78,974
Net book value
At 30 September 2024 137,950
At 30 September 2023 159,613
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant & machinery Software Total
£ £ £
Cost
At 1 October 2023 2,872 114,397 117,269
At 30 September 2024 2,872 114,397 117,269
Depreciation
At 1 October 2023 718 28,599 29,317
Charge for the year 718 28,599 29,317
At 30 September 2024 1,436 57,198 58,634
Net book value
At 30 September 2024 1,436 57,199 58,635
At 30 September 2023 2,154 85,798 87,952
5 Debtors 2024 2023
£ £
Trade debtors 277,834 697,142
Prepaid expenses & Deposit 88,888 67,060
Other debtors 1 1
366,723 764,203
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 68,492 256,597
Inter-company liability 983,551 1,042,417
Other creditors 382,844 584,904
1,434,887 1,883,918
7 Other information
GlobalGig Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Quality Court
Chancery Lane
London
England
WC2A 1HR
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