Company registration number 04662609 (England and Wales)
GLOBAL VIEW SYSTEMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
GLOBAL VIEW SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 13
These pages do not form part of the financial statements
Detailed profit and loss account
GLOBAL VIEW SYSTEMS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
FIXED ASSETS
Intangible assets
4
431,299
453,994
Tangible assets
5
38,742
55,416
Investments
6
500,000
1
970,041
509,411
CURRENT ASSETS
Stocks
9,075
31,287
Debtors
7
485,448
256,158
Cash at bank and in hand
12
359,098
494,535
646,543
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
8
(450,323)
(394,939)
NET CURRENT ASSETS
44,212
251,604
TOTAL ASSETS LESS CURRENT LIABILITIES
1,014,253
761,015
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
9
(628,259)
(265,299)
DEFERRED INCOME
10
(614,392)
(447,065)
NET (LIABILITIES)/ASSETS
(228,398)
48,651
CAPITAL AND RESERVES
Called up share capital
5,074,913
5,074,913
Share premium account
881,998
881,998
Profit and loss reserves
(6,185,309)
(5,908,260)
TOTAL EQUITY
(228,398)
48,651

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

GLOBAL VIEW SYSTEMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 March 2025 and are signed on its behalf by:
Mr M Wright
Director
Company registration number 04662609 (England and Wales)
GLOBAL VIEW SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
ACCOUNTING POLICIES
Company information

Global View Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cedar House, Hazell Drive, Newport, NP10 8FY. The principal place of business is Mercury Building 131, Humber Enterprise Park, Brough, HU15 1YJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At 31 December 2024,the company incurred pre tax losses of £277,049 and had net liabilities of £228,398. The directors have therefore had to consider the appropriateness of preparing the accounts on a going concern basis. The directors have reviewed the risks and uncertainties to which they believe the company is exposed, the company's going ongoing financial commitments and the future availability of sufficient group resources. The directors believe that the company is well placed to manage its business risks successfully and have secured the continued financial support of its parent company. The directors therefore consider it appropriate to prepare the accounts on a going concern basis.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

GLOBAL VIEW SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 4 -
1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:

 

 

Expenditure that does not meet the above criteria is expensed as incurred.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
over the period in which revenues are expected to arise
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
over the period of the lease
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

GLOBAL VIEW SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 5 -
1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.9
Stocks

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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.

GLOBAL VIEW SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 6 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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 recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

GLOBAL VIEW SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 7 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
EMPLOYEES

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
25
24
3
TAXATION
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
7,437
GLOBAL VIEW SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
TAXATION
(Continued)
- 8 -

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(277,049)
(616,687)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(69,262)
(154,172)
Effect of expenses not deductible for tax purposes
398
286
Effect of capital allowances and depreciation
428
1,512
Effect of different UK tax rates on some earnings
-
0
11,850
Unused tax losses
68,436
133,087
Taxation charge/(credit) for the year
-
(7,437)
4
INTANGIBLE FIXED ASSETS
Development costs
£
Cost
At 1 January 2024
2,356,327
Additions - internally developed
129,962
At 31 December 2024
2,486,289
Amortisation and impairment
At 1 January 2024
1,902,333
Amortisation charged for the year
152,657
At 31 December 2024
2,054,990
Carrying amount
At 31 December 2024
431,299
At 31 December 2023
453,994
GLOBAL VIEW SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
5
TANGIBLE FIXED ASSETS
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
19,267
41,388
21,126
64,526
146,307
Additions
-
0
-
0
-
0
7,420
7,420
At 31 December 2024
19,267
41,388
21,126
71,946
153,727
Depreciation and impairment
At 1 January 2024
10,809
17,289
11,369
51,424
90,891
Depreciation charged in the year
3,853
7,882
4,310
8,049
24,094
At 31 December 2024
14,662
25,171
15,679
59,473
114,985
Carrying amount
At 31 December 2024
4,605
16,217
5,447
12,473
38,742
At 31 December 2023
8,458
24,099
9,757
13,102
55,416
6
FIXED ASSET INVESTMENTS
2024
2023
£
£
Shares in group undertakings and participating interests
500,000
1
MOVEMENTS IN FIXED ASSET INVESTMENTS
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
1
Additions
499,999
At 31 December 2024
500,000
Carrying amount
At 31 December 2024
500,000
At 31 December 2023
1
GLOBAL VIEW SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
7
DEBTORS
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
148,547
109,640
Corporation tax recoverable
9,349
-
0
Amounts owed by group undertakings
244,209
45,674
Other debtors
83,343
100,844
485,448
256,158
8
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£
£
Bank loans and overdrafts
118,835
-
0
Trade creditors
97,704
194,130
Taxation and social security
80,808
43,874
Other creditors
152,976
156,935
450,323
394,939

The bank overdraft is secured by a debenture over the assets of the company. A guarantee limited to £150,000 has also been provided by Fairford Holdings Europe AB.

9
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024
2023
£
£
Amounts owed to group undertakings
628,259
219,299
Other creditors
-
0
46,000
628,259
265,299
10
DEFERRED INCOME

The total deferred income for the year is £614,389 (2023 - £447,065).

GLOBAL VIEW SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
11
AUDIT REPORT INFORMATION

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Senior Statutory Auditor:
Simon Tee
Statutory Auditor:
Kilsby & Williams LLP
Date of audit report:
12 May 2025
12
OPERATING LEASE COMMITMENTS
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
28,276
27,158
Between two and five years
376
20,389
28,652
47,547
13
RELATED PARTY TRANSACTIONS
Transactions with related parties
Management charges receivable
Management charges payable
2024
2023
2024
2023
£
£
£
£
Fairford Holdings UK Limited
-
-
32,655
30,196
Carescan Limited
239,868
-
-
-

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Fairford Holdings UK Limited
270,485
219,299
Fairford Holdings Europe AB
357,774
-
GLOBAL VIEW SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
RELATED PARTY TRANSACTIONS
(Continued)
- 12 -

Fairford Holdings UK Limited is related by common control.

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Carescan Limited
244,209
26,387
Other information

Included within debtors in 2023 was a balance of £19,287 due from DM Distributions Limited, a company related by common directorship of Mr B Dahl, Mr S N Osseiran, and Mr C W Tuke.

 

Included in the corporation tax charge for the year for 2023 was an amount of £19,287 receivable from DM Distributions Limited, as a result of group tax relied surrendered by the company.

GLOBAL VIEW SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
14
PARENT COMPANY

The company is controlled by its ultimate controlling party, Mr Salah Eddin Osseiran.

 

In the opinion of the directors, the company's ultimate parent company is Osseiran Investment Limited, a company registered in Cyprus.

The parent undertaking of the largest group which includes the company, and for which group accounts are prepared, is Fairford Holdings Europe AB, a company registered in Sweden.

 

The parent undertaking of the smallest group which includes the limited company, and for which accounts are prepared, is Fairford Holdings UK AB, a company registered in Sweden. Copies of the group accounts can be obtained from Bolagsverket, S-18851 81 Sundsvall, Sweden

2024-12-312024-01-01falsefalsefalse12 May 2025CCH SoftwareCCH Accounts Production 2025.100Manufacture of electrical products.
Mr S N OsseiranMr R OsseiranMr C W TukeMr B DahlMr M WrightMr C W Tuke
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