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Registration number: 08516545

Global Living Brands Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Global Living Brands Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Global Living Brands Limited

(Registration number: 08516545)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Current assets

 

Debtors

5

13,176

13,528

Creditors: Amounts falling due within one year

6

(13,591)

(12,944)

Net (liabilities)/assets

 

(415)

584

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(515)

484

Shareholders' (deficit)/funds

 

(415)

584

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 25 June 2025 and signed on its behalf by:
 

.........................................
Mr G Turzynski
Company secretary and director

 

Global Living Brands Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
16 Viewfield Road
Wandsworth
London
SW18 1NA

These financial statements were authorised for issue by the Board on 25 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% on cost

 

Global Living Brands Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Global Living Brands Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 June 2023

450

3,982

4,432

At 31 May 2024

450

3,982

4,432

Depreciation

At 1 June 2023

450

3,982

4,432

At 31 May 2024

450

3,982

4,432

Carrying amount

At 31 May 2024

-

-

-

5

Debtors

2024
£

2023
£

Other debtors

13,176

13,528

13,176

13,528

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

4,997

5,002

Taxation and social security

 

381

61

Accruals and deferred income

 

6,175

5,646

Other creditors

 

2,038

2,235

 

13,591

12,944

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100