Company registration number 04785086 (England and Wales)
GLOBAL MOTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GLOBAL MOTION LIMITED
COMPANY INFORMATION
Directors
A G Hatton
S C Brooks
(Appointed 24 April 2024)
Company number
04785086
Registered office
Gladstone House
77-79 High Street
Egham
Surrey
United Kingdom
TW20 9HY
Auditor
Azets Audit Services
Gladstone House
77-79 High Street
Egham
Surrey
United Kingdom
TW20 9HY
GLOBAL MOTION LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 20
GLOBAL MOTION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Review of the business

The Company has had a successful year and achieved revenue of £27.1m (2023: £23.8m) with the increase in revenue corresponding to any increase in event touring. The full results for the year are set out on the Company profit and loss account.

 

At the year end date, the Company had sufficient cash to support its plans for the next financial year.

Principal risks and uncertainties

Satisfying demand: The Company needs to ensure that there are sufficient resources to meet the needs of customers, including facilitating all areas of the freight forwarding services offered. New supplier connections are consistently being developed to continue to provide high level services to all customers.

 

Increased competition: The market is competitive and the Company is continually aiming to develop its competitive edge, whilst serving the needs of the markets through quality and ability to offer excellent and comprehensive customer service.

 

Financial risk: The Director operates a prudent policy in relation to financial risk. Borrowings have been repaid in the year, credit control is timely and efficient, and cash inflows are managed effectively.

 

Liquidity risk: Trade and other creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts payable as they fall due.

Key performance indicators

The Company monitors its performance against strategic objectives by means of key performance indicators. The main KPIs it uses to assess performance are operating profit margin and turnover. These are summarised thus:

 

2024

£

2023

£

2022

£

Turnover

27.1m

23.8m

27.7m

Operating profit/​(loss)

2.7m

2.0m

3.4m

 

 

 

 

These KPIs are reviewed on a regular basis to assess whether expectations and budgets are being met. An explanation of how the business has performed is given above in the Business Review.

Financial instruments

The Company’s principal financial instruments comprise bank balances, and trade creditors. The main purpose of these instruments is to raise funds for the company's continued growth within the event transport and logistics market. Due to the nature of the financial instruments used by the Company, there is minimal exposure to price risk. The Company's approach to managing other risks applicable to the financial instruments concerned is detailed in the principal risk section included above.

Future developments

The Company is continuing its operations with strong relationships with key customers in the music industry. The Company is looking to expand through organic growth by developing key staff and encouraging new customer relations. The Director believes that the Company’s strategy, together with its experienced management, will be a solid foundation for future successful business performance.

On behalf of the board

A G Hatton
Director
24 June 2025
GLOBAL MOTION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company continued to be that of freight forwarding and other transportation support for the music and entertainment industries.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £750,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A G Hatton
S C Brooks
(Appointed 24 April 2024)
Auditor

In accordance with the company's articles, a resolution proposing that Azets be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GLOBAL MOTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
A G Hatton
Director
24 June 2025
GLOBAL MOTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GLOBAL MOTION LIMITED
- 4 -
Opinion

We have audited the financial statements of Global Motion Limited (the 'company') for the year ended 30 September 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

GLOBAL MOTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF GLOBAL MOTION LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

GLOBAL MOTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF GLOBAL MOTION LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Sam Thomas
Senior Statutory Auditor
For and on behalf of Azets Audit Services
24 June 2025
Chartered Accountants
Gladstone House
Statutory Auditor
77-79 High Street
Surrey
United Kingdom
TW20 9HY
GLOBAL MOTION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
27,105,116
23,842,962
Cost of sales
(21,848,276)
(19,261,815)
Gross profit
5,256,840
4,581,147
Administrative expenses
(2,581,868)
(2,627,357)
Operating profit
4
2,674,972
1,953,790
Interest receivable and similar income
7
-
0
7,065
Interest payable and similar expenses
8
(9,381)
(25,237)
Profit before taxation
2,665,591
1,935,618
Tax on profit
9
(669,559)
(494,395)
Profit for the financial year
1,996,032
1,441,223

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GLOBAL MOTION LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
112,922
169,639
Current assets
Debtors
13
2,492,139
4,281,322
Cash at bank and in hand
4,131,149
4,298,536
6,623,288
8,579,858
Creditors: amounts falling due within one year
14
(1,537,568)
(4,771,974)
Net current assets
5,085,720
3,807,884
Total assets less current liabilities
5,198,642
3,977,523
Creditors: amounts falling due after more than one year
15
(1,694)
(12,966)
Provisions for liabilities
Deferred tax liability
17
18,266
31,907
(18,266)
(31,907)
Net assets
5,178,682
3,932,650
Capital and reserves
Called up share capital
19
6
6
Profit and loss reserves
5,178,676
3,932,644
Total equity
5,178,682
3,932,650
The financial statements were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
A G Hatton
Director
Company Registration No. 04785086
GLOBAL MOTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
6
2,621,421
2,621,427
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
1,441,223
1,441,223
Dividends
10
-
(130,000)
(130,000)
Balance at 30 September 2023
6
3,932,644
3,932,650
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
1,996,032
1,996,032
Dividends
10
-
(750,000)
(750,000)
Balance at 30 September 2024
6
5,178,676
5,178,682
GLOBAL MOTION LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
340,686
(4,805,086)
Interest paid
(9,381)
(25,237)
Income taxes paid
(417,006)
(999,218)
Net cash outflow from operating activities
(85,701)
(5,829,541)
Investing activities
Purchase of tangible fixed assets
(13,111)
(9,053)
Interest received
-
0
7,065
Net cash used in investing activities
(13,111)
(1,988)
Financing activities
Loans advanced to directors
693,432
(425,188)
Repayment of bank loans
-
0
(1,672,794)
Payment of finance leases obligations
(12,007)
(17,021)
Dividends paid
(750,000)
(130,000)
Net cash used in financing activities
(68,575)
(2,245,003)
Net decrease in cash and cash equivalents
(167,387)
(8,076,532)
Cash and cash equivalents at beginning of year
4,298,536
12,375,068
Cash and cash equivalents at end of year
4,131,149
4,298,536
GLOBAL MOTION LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
Accounting policies
Company information

Global Motion Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gladstone House, 77/79 High Street, Egham, Surrey, United Kingdom, TW20 9HY.

2.1
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.

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. The principal accounting policies adopted are set out below.

2.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover include revenue earned from the rendering of services.

2.4
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.

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
3 years straight line
2.5
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.

GLOBAL MOTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Accounting policies
(Continued)
- 12 -

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 life of the lease
Plant and equipment
25% on cost
Fixtures and fittings
25% on cost
Motor vehicles
20% on reducing balance

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.

2.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.7
Financial instruments
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

2.8
Equity instruments

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

2.9
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.

GLOBAL MOTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Accounting policies
(Continued)
- 13 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2.10
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.

2.11
Retirement benefits

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

2.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2.13
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.

2.14

Trade and other receivables

Trade and other receivables are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.

2.15

Trade and other payables

Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.

GLOBAL MOTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
3
Turnover

 

Geographical Turnover

The company provides freight and logistics services for the transportation of equipment to and from various international locations. Due to the nature of the business, many transactions span multiple countries and involve complex routing arrangements. As such, it is not practicable to accurately allocate turnover to specific geographical markets without the business incurring undue cost or effort. Accordingly, the company has not presented a geographical analysis of turnover in these financial statements.

 

Turnover by Class

The directors have determined the company has only one material class of turnover, and as such, no further segmentation of turnover is required under the relevant accounting standards.

4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
175,959
632,946
Fees payable to the company's auditor for the audit of the company's financial statements
15,950
16,750
Depreciation of owned tangible fixed assets
69,828
111,524
Operating lease charges
126,033
326,482
5
Employees

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

2024
2023
Number
Number
Directors
1
1
Administrative
16
12
Total
17
13

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,566,961
761,217
Pension costs
62,889
17,209
1,629,850
778,426
GLOBAL MOTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
367,855
63,742
Company pension contributions to defined contribution schemes
3,119
2,201
370,974
65,943

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 1).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
336,498
63,742
Company pension contributions to defined contribution schemes
2,202
1,761
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
-
0
7,065
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
22,876
Other interest on financial liabilities
8,636
127
Interest on finance leases and hire purchase contracts
745
2,234
9,381
25,237
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
683,200
449,006
Adjustments in respect of prior periods
-
0
63,304
Total current tax
683,200
512,310
GLOBAL MOTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
9
Taxation
2024
2023
£
£
(Continued)
- 16 -
Deferred tax
Origination and reversal of timing differences
(13,641)
(17,915)
Total tax charge
669,559
494,395

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

2024
2023
£
£
Profit before taxation
2,665,591
1,935,618
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
666,398
483,905
Tax effect of expenses that are not deductible in determining taxable profit
3,239
3,557
Permanent capital allowances in excess of depreciation
(78)
6,933
Taxation charge for the year
669,559
494,395
10
Dividends
2024
2023
£
£
Final paid
750,000
130,000
11
Intangible fixed assets
Development costs
£
Cost
At 1 October 2023 and 30 September 2024
10,100
Amortisation and impairment
At 1 October 2023 and 30 September 2024
10,100
Carrying amount
At 30 September 2024
-
0
At 30 September 2023
-
0
GLOBAL MOTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
12
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
193,950
193,367
52,117
184,498
623,932
Additions
-
0
10,591
2,520
-
0
13,111
At 30 September 2024
193,950
203,958
54,637
184,498
637,043
Depreciation and impairment
At 1 October 2023
193,009
131,386
32,403
97,495
454,293
Depreciation charged in the year
941
40,321
11,251
17,315
69,828
At 30 September 2024
193,950
171,707
43,654
114,810
524,121
Carrying amount
At 30 September 2024
-
0
32,251
10,983
69,688
112,922
At 30 September 2023
941
61,981
19,714
87,003
169,639
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,147,795
1,516,817
Corporation tax recoverable
67,505
67,505
Other debtors
155,637
737,598
Prepayments and accrued income
1,121,202
1,959,402
2,492,139
4,281,322
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
16
10,527
11,262
Trade creditors
943,732
4,085,069
Corporation tax
459,200
193,006
Other taxation and social security
18,901
-
0
Other creditors
27,136
5,961
Accruals and deferred income
78,072
476,676
1,537,568
4,771,974
GLOBAL MOTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
16
1,694
12,966
16
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
10,527
11,262
In two to five years
1,694
12,966
12,221
24,228

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
17,981
31,907
Retirement benefit obligations
285
-
18,266
31,907
2024
Movements in the year:
£
Liability at 1 October 2023
31,907
Credit to profit or loss
(13,641)
Liability at 30 September 2024
18,266
GLOBAL MOTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
62,889
17,209

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2
2
2
2
Ordinary "A" Shares of £1 each
4
4
4
4
6
6
6
6
20
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
8,610
17,902
Between two and five years
5,023
13,633
13,633
31,535
21
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties at market rate. All companies stated are held under common control by the director.

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Global Motion Canada Inc.
31,401
24,225
14,671
8,197
GLOBAL MOTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
21
Related party transactions
(Continued)
- 20 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Global Motion Canada Inc.
30,740
24,596
2024
2023
Amounts due from related parties
£
£
Global Motion Canada Inc.
13,411
93,268
22
Directors' transactions

At the balance sheet date, £17,777 was owed to a director by the company (2023: £693,432 owed by the director to the company). No interest is being charged on the balance owed by the company to the director.

Dividends totalling £750,000 (2023 - £130,000) were paid in the year in respect of shares held by directors of the company

23
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit for the year after tax
1,996,032
1,441,223
Adjustments for:
Taxation charged
669,559
494,395
Finance costs
9,381
25,237
Investment income
-
0
(7,065)
Depreciation and impairment of tangible fixed assets
69,828
111,524
Movements in working capital:
Decrease in debtors
1,095,751
6,312,301
Decrease in creditors
(3,499,865)
(13,182,701)
Cash generated from/(absorbed by) operations
340,686
(4,805,086)
24
Analysis of changes in net funds
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
4,298,536
(167,387)
4,131,149
Obligations under finance leases
(24,228)
12,007
(12,221)
4,274,308
(155,380)
4,118,928
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