REGISTERED NUMBER: 03239555 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

GLOBAL FILTERS LIMITED

Page

Balance sheet

1

Notes to the financial statements

3

Fixed assets

Intangible assets

4

-

-

Tangible assets

5

513,646

568,873

Investments

6

100

100

513,746

568,973

Current assets

Stocks

366,406

426,637

Debtors

7

549,871

566,602

Cash at bank and in hand

520,278

734,810

1,436,555

1,728,049

Creditors

Amounts falling due within one year

8

603,338

584,143

Net current assets

833,217

1,143,906

Total assets less current liabilities

1,346,963

1,712,879

Creditors

Amounts falling due after more than one year

9

(100

)

(100

)

Provisions for liabilities

12

(128,170

)

(141,460

)

Net assets

1,218,693

1,571,319

Capital and reserves

Called up share capital

13

10,000

10,000

Retained earnings

1,208,693

1,561,319

Shareholders' funds

1,218,693

1,571,319

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2025 and were signed on its behalf by:

Mr J A J Clarke - Director

Mrs R L Clarke - Director

1.	Statutory information

Global Filters Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03239555. The registered office and business address is 25 Black Moor Road, Ebblake Industrial Estate, Verwood, Dorset, BH31 6BE.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:

- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the company retains neither continuing managerial involvement to the degree usually associated with

ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the company;

and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Goodwill

Goodwill has now been fully amortised.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Computer equipment

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of an write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.

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.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company, along with its parent and subsidiary comprise a small-sized group. The group has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

3.	Employees and directors

The average number of employees during the year was 47 (2024 - 42 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1 April 2024

and 31 March 2025

725,009

Amortisation

At 1 April 2024

and 31 March 2025

725,009

Net book value

At 31 March 2025

-

At 31 March 2024

-

5.	Tangible fixed assets

Long

Plant and

Motor

Computer

leasehold

machinery

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 April 2024

4,222

1,800,900

18,624

30,367

1,854,113

Additions

-

18,025

-

22,861

40,886

Disposals

-

(70,000

)

(18,624

)

(6,785

)

(95,409

)

At 31 March 2025

4,222

1,748,925

-

46,443

1,799,590

Depreciation

At 1 April 2024

4,222

1,242,769

18,624

19,625

1,285,240

Charge for year

-

85,256

-

8,453

93,709

Eliminated on disposal

-

(67,596

)

(18,624

)

(6,785

)

(93,005

)

At 31 March 2025

4,222

1,260,429

-

21,293

1,285,944

Net book value

At 31 March 2025

-

488,496

-

25,150

513,646

At 31 March 2024

-

558,131

-

10,742

568,873

6.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 April 2024

and 31 March 2025

100

Net book value

At 31 March 2025

100

At 31 March 2024

100

7.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

460,777

478,642

Other debtors

17,400

19,560

Prepayments

71,694

68,400

549,871

566,602

8.

Creditors: amounts falling due within one year

2025

2024

£

£

Trade creditors

218,609

255,275

Amounts owed to group undertakings

6,070

6,070

Tax

91,311

50,404

Social security and other taxes

44,023

34,450

Wages creditor

16,036

11,679

Pension creditor

9,822

7,869

VAT

125,150

100,782

Accruals and deferred income

92,317

117,614

603,338

584,143

9.

Creditors: amounts falling due after more than one year

2025

2024

£

£

Other creditors

100

100

10.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

170,420

163,040

Between one and five years

245,501

458,485

415,921

621,525

11.	Secured debts

All monies owed to RBS Invoice Finance Limited are secured by way of fixed and floating charges over all the property or undertaking of the company dated 25 May 2016.

12.	Provisions for liabilities

2025

2024

£

£

Deferred tax

128,170

141,460

Deferred

tax

£

Balance at 1 April 2024

141,460

Credit to Income statement during year

(13,290

)

Balance at 31 March 2025

128,170

13.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

10,000

Ordinary

£1

10,000

10,000

14.	Ultimate controlling party

The company is controlled by the directors Mr J A J Clarke and Mrs R L Clarke, who together own 100% of the share capital of its parent company Plastic Filters Ltd.