REGISTERED NUMBER: 03390805 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

GLOBAL RESOURCING LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D A Cole

Mr G W Harris

Mr R A Johnson

SECRETARY:

Mr G W Harris

REGISTERED OFFICE:

4th Floor Radius House

51 Clarendon Road

Watford

WD17 1HP

REGISTERED NUMBER:

03390805 (England and Wales)

ACCOUNTANTS:

Total Back Office Solutions Limited

4th Floor Radius House

51 Clarendon Road

Watford

Hertfordshire

WD17 1HP

FIXED ASSETS

Tangible assets

4

6,831

11,480

CURRENT ASSETS

Debtors

5

2,398,098

3,191,517

Cash at bank and in hand

77,909

95,164

2,476,007

3,286,681

CREDITORS

Amounts falling due within one year

6

(1,418,001

)

(1,891,443

)

NET CURRENT ASSETS

1,058,006

1,395,238

TOTAL ASSETS LESS CURRENT LIABILITIES

1,064,837

1,406,718

CREDITORS

Amounts falling due after more than one year

7

(6,154

)

(175,816

)

PROVISIONS FOR LIABILITIES

(1,423

)

(2,373

)

NET ASSETS

1,057,260

1,228,529

CAPITAL AND RESERVES

Called up share capital

4,980

4,980

Share premium

26,253

26,253

Retained earnings

1,026,027

1,197,296

1,057,260

1,228,529

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2025 and were signed on its behalf by:

Mr D A Cole - Director

1.	STATUTORY INFORMATION

Global Resourcing 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.

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

Turnover

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

Tangible fixed assets

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

Improvements to property

-

33% on cost

Plant and machinery

-

33% on cost

Fixtures and fittings

-

20% on reducing balance

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Factored debts

The company factors 80% of its contracted sales. The gross amount of the debts are shown as Trade Debtors and the factored amounts are included under creditors due within one year.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 January 2024

15,825

209,161

76,474

301,460

Additions

-

1,723

-

1,723

At 31 December 2024

15,825

210,884

76,474

303,183

DEPRECIATION

At 1 January 2024

15,825

198,475

75,680

289,980

Charge for year

-

6,213

159

6,372

At 31 December 2024

15,825

204,688

75,839

296,352

NET BOOK VALUE

At 31 December 2024

-

6,196

635

6,831

At 31 December 2023

-

10,686

794

11,480

5.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

822,062

1,640,386

Other debtors

-

16,000

Related party

73,658

73,658

Prepayments and accrued income

19,839

25,495

915,559

1,755,539

Amounts falling due after more than one year:

Amounts owed by group undertakings

1,482,539

1,435,978

Aggregate amounts

2,398,098

3,191,517

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

369,492

822,034

Corporation Tax

168,565

117,396

PAYE/NI

48,929

55,169

VAT

44,603

63,572

Other Creditors

640,914

653,746

Directors' current accounts

46,102

-

Accrued expenses

99,396

179,526

1,418,001

1,891,443

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 2-5 years

6,154

16,316

Loan

-

159,500

6,154

175,816

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Other Loans

360,975

462,902

ABN Amro Asset Based Finance N.V. hold a debenture dated 22 September 2021 creating a fixed charge on certain assets and a floating charge on the remaining assets of the company and in particular incorporating a charge on all book debts or other debts now and in the future owing to the company.

National Westminster Bank plc holds a debenture dated 15 January 2010 securing all monies due or to become due from the company to National Westminster Bank plc on any account.

9.	RELATED PARTY DISCLOSURES

Included within other debtors is an amount of £5,446 owed by Forbes Hunt Search & Selection Ltd (2023: 5,446), a company which Mr D Cole and Mr G Harris is a director and shareholder of.

Included within other debtors is an amount of £68,212 owed by Comrisk Associates Ltd, a subsidiary of the parent company, Global Resourcing Group Ltd.(2023: £68,212)

Included within other debtors is an amount of £1,482,539 owed by Global Resourcing Group Ltd, the company's parent (2023: £1,435,978)

Included within other creditors is an amount of £46,102 owed to Mr D Cole, a director.

10.	ULTIMATE CONTROLLING PARTY

By virtue of his shareholding in Global Resourcing Group Ltd, Mr G Harris, the director, is the ultimate controlling party.