IRIS Accounts Production v25.1.4.42 07055028 director 1.11.23 31.10.24 31.10.24 0 0 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh070550282023-10-31070550282024-10-31070550282023-11-012024-10-31070550282022-10-31070550282022-11-012023-10-31070550282023-10-3107055028ns15:EnglandWales2023-11-012024-10-3107055028ns14:PoundSterling2023-11-012024-10-3107055028ns10:Director12023-11-012024-10-3107055028ns10:PrivateLimitedCompanyLtd2023-11-012024-10-3107055028ns10:SmallEntities2023-11-012024-10-3107055028ns10:AuditExempt-NoAccountantsReport2023-11-012024-10-3107055028ns10:SmallCompaniesRegimeForDirectorsReport2023-11-012024-10-3107055028ns10:SmallCompaniesRegimeForAccounts2023-11-012024-10-3107055028ns10:FullAccounts2023-11-012024-10-3107055028ns10:OrdinaryShareClass12023-11-012024-10-3107055028ns10:RegisteredOffice2023-11-012024-10-3107055028ns5:CurrentFinancialInstruments2024-10-3107055028ns5:CurrentFinancialInstruments2023-10-3107055028ns5:Non-currentFinancialInstruments2024-10-3107055028ns5:Non-currentFinancialInstruments2023-10-3107055028ns5:ShareCapital2024-10-3107055028ns5:ShareCapital2023-10-3107055028ns5:RetainedEarningsAccumulatedLosses2024-10-3107055028ns5:RetainedEarningsAccumulatedLosses2023-10-3107055028ns5:WithinOneYearns5:CurrentFinancialInstruments2024-10-3107055028ns5:WithinOneYearns5:CurrentFinancialInstruments2023-10-3107055028ns10:OrdinaryShareClass12024-10-3107055028ns5:RetainedEarningsAccumulatedLosses2023-10-3107055028ns5:RetainedEarningsAccumulatedLosses2023-11-012024-10-31
REGISTERED NUMBER: 07055028 (England and Wales)















Global Business Engagements Ltd

Unaudited Financial Statements

for the Year Ended 31 October 2024






Global Business Engagements Ltd (Registered number: 07055028)

Contents of the Financial Statements
for the year ended 31 October 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Global Business Engagements Ltd

Company Information
for the year ended 31 October 2024







Director: J Glassey





Registered office: New Derwent House
69-73 Theobalds Road
London
WC1X 8TA





Registered number: 07055028 (England and Wales)






Global Business Engagements Ltd (Registered number: 07055028)

Balance Sheet
31 October 2024

2024 2023
Notes £ £
Current assets
Debtors 4 7,095 7,012
Cash at bank 4,928 3,787
12,023 10,799
Creditors
Amounts falling due within one year 5 2,863 4,037
Net current assets 9,160 6,762
Total assets less current liabilities 9,160 6,762

Creditors
Amounts falling due after more than one
year

6

7,688

11,032
Net assets/(liabilities) 1,472 (4,270 )

Capital and reserves
Called up share capital 7 1 1
Retained earnings 8 1,471 (4,271 )
Shareholders' funds 1,472 (4,270 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 27 June 2025 and were signed by:





J Glassey - Director


Global Business Engagements Ltd (Registered number: 07055028)

Notes to the Financial Statements
for the year ended 31 October 2024


1. Statutory information

Global Business Engagements Ltd 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.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(a) Critical judgements in applying the Company's accounting policies
The Company makes a number of assessments which require judgement in preparing the accounts and can have a significant effect upon the financial statements. However due to the straight forward nature of the Company's business, management does not believe that there are any judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

(b) Key accounting estimates and assumptions
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. However due to the straight forward nature of the Company's business, management does not believe that there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents amounts receivable for services provided in the year and is stated net of VAT.

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.

Global Business Engagements Ltd (Registered number: 07055028)

Notes to the Financial Statements - continued
for the year ended 31 October 2024


2. Accounting policies - continued

Going concern
These financial statements have been prepared on a going concern basis.

The current economic conditions present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

Based on assessment, the directors consider that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities.

In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.

Global Business Engagements Ltd (Registered number: 07055028)

Notes to the Financial Statements - continued
for the year ended 31 October 2024


2. Accounting policies - continued

Financial instruments
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from other 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 receipts discounted at a market rate of interest.

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

Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

3. Employees and directors

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

4. Debtors: amounts falling due within one year
2024 2023
£ £
Other debtors 7,095 7,012

Global Business Engagements Ltd (Registered number: 07055028)

Notes to the Financial Statements - continued
for the year ended 31 October 2024


5. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 44 -
Taxation and social security - 37
Other creditors 2,819 4,000
2,863 4,037

6. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans 7,688 11,032

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 7,688 11,032

7. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
1 Ordinary £1 1 1

8. Reserves
Retained
earnings
£

At 1 November 2023 (4,271 )
Profit for the year 6,242
Dividends (500 )
At 31 October 2024 1,471

9. Ultimate controlling party

The controlling party is J Glassey.