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Globale U.K. Limited Registered number: 08632376 Annual report and financial statements For the year ended 31 December 2024
GLOBALE U.K. LIMITED COMPANY INFORMATION
Directors | N Debbi
| S C Tamari
| Global-E Online Ltd
Company secretary | O Griffel CSC CLS (UK) Limited
Registered number | 08632376
Registered office | 154 Clerkenwell Road
| London
| EC1R 5AB
Independent auditors | Forvis Mazars LLP
| Chartered Accountants & Statutory Auditor
| Floor 8, Assembly Building C
| Cheese Lane
| Bristol
| BS2 0JJ
GLOBALE U.K. LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditors' Report | 5 - 8
Statement of Comprehensive Income | 9
Statement of Financial Position | 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 - 34
GLOBALE U.K. LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The directors present their Strategic Report for the year ended 31 December 2024.
Business review
The Company's turnover has decreased from £190,940,301 in 2023 to £186,710,583 in 2024 a decrease of (2.2)%. This is due to a decrease in transfer pricing to £3,353,431 in 2024 from £19,231,888 in 2023 but there has still been growth of existing client sales and new client onboarding during the year. Cost of Sales increased from £116,523,264 in 2023 to £120,671,100 which is an increase of 4%. This has resulted in a decrease in gross profit from £74,417,037 in 2023 to £66,039,483. The Company's key financial and other performance indicators during the year were as follows:
| 2024 | 2023 (restated)
| % | %
Gross profit margin | 35 | 39
Operating profit margin | 1.89 | 1.63
Principal risks and uncertainties
The Company's operations expose it to a variety of financial risks that include the effects of market risk (including currency risk and price risk), credit risk and liquidity risk. The Company’s overall risk management strategy seeks to minimise adverse effects from the unpredictability of financial markets on the Company’s financial performance. The Company uses sound management principles to protect against certain financial risk exposure. The directors are responsible for setting the objectives and underlying principles of financial risk management for the Company. The senior management team then establishes the detailed polices such as authority levels, oversight responsibilities, risk identification and measurement, exposure limits and hedging strategies. The policies set by the board of directors are implemented by the Company's finance department
Currency risk
Currency risk arises when transactions are denominated in foreign currencies. To manage the currency risk, the directors periodically will authorise limited foreign currency planning to mitigate the relevant foreign exchange exposure.
Price risk
The Company is exposed to commodity price risk as a result of its operations. However, given the size of the Company’s operations, the cost of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the Company’s operations change in size of nature. Credit risk Credit risk is the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. For the trade receivables, the Company performs ongoing credit valuations of its customers and maintains an allowance on doubtful accounts which, when realised, have been within the range of management’s expectations. For other financial assets, the Company adopts the policy of dealing only with high credit quality counterparts. - 1 -
GLOBALE U.K. LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Credit exposure to an individual counterparty is restricted by credit limits that are approved based on ongoing credit evaluation. The counterparty’s payment profile and credit exposure are continuously monitored by management. Liquidity risk The liquidity risk is usually assessed by comparing liquid assets and short term liabilities. The Company manages the liquidity risk by using cash flow forecasts which enables the group to monitor its working capital and make remedial action when necessary.
Directors' statement of compliance with duty to promote the success of the Company
The Directors of Globale U.K. Limited, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 which is summarised as follows: A Director of a Company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its Shareholders as a whole and, in doing so have regard (amongst other matters) to: • the likely consequences of any decisions in the long term; • the interests of the company’s employees; • the need to foster the company’s business relationships with suppliers, customers and others; • the impact of the company’s operations on the community and environment; • the desirability of the company maintaining a reputation for high standards of business conduct; and • the need to act fairly as between shareholders of the company. As part of their induction, a Director is briefed on their duties and they can access professional advice on these, either from the Company Secretary or, if they judge it necessary, from an independent advisor. It is important to recognise that, in a large organisation such as ours, the Directors fulfil their duties partly through a governance framework that delegates day-to-day decision-making to employees of the company. We have a balanced Board with a good mix of gender, skills and experience to oversee our financial, corporate responsibility, executive remuneration and general Board practices. This report was approved by the board on 25 November 2025 and signed on its behalf.
S C Tamari Director
- 2 -
GLOBALE U.K. LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. 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 to 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.
Principal activity
The principal activity of the Company is that of the marketing and distribution of the Parent Company's services. In addition, the Company provides to the parent an administration services and R&D services.
Results and dividends
The profit for the year, after taxation, amounted to £4,391,815 (2023 - £3,738,495). No dividends were proposed during the year (2023 - £Nil).
Directors
The directors who served during the year were:
N Debbi
S C Tamari
Global-E Online Ltd
- 3 -
GLOBALE U.K. LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Going concern
The financial statements are prepared on a going concern basis, which contemplates the continuation of normal business activity and the realisation of assets and the settlement of liabilities in the normal course of business. During the year ended 31 December 2024, the Company generated a net profit of £4,391,815 (2023: £3,738,495). At 31 December 2024, the Company had a positive equity position of £11,380,312 (2023: £6,988,497). The directors have received confirmation that the ultimate parent company will continue to support the Company and provide it with adequate funds when necessary to enable it to meet its debts as they fall due for a period of at least 12 months from the date of signature of the financial statements.
Future developments
The Company does not foresee significant changes in trading levels or margins for the foreseeable future.
Qualifying third party indemnity provisions
The Company maintains liability insurance for its directors and officers. The Company also provides an indemnity for its directors, which is qualifying third party indemnity provision for the purpose of the Companies Act 2006. The indemnity was in force throughout the financial year and is currently in force.
Matters covered in the Strategic Report
As permitted by Paragraph 1A of Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the Strategic report on pages 1 - 2. These matters relate to the business review and future developments.
Greenhouse gas emissions, energy consumption and energy efficient action
The Company has taken the option to exclude any information relating to energy and carbon reporting as it is included in the consolidated accounts of Global-e Online LTD.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 25 November 2025 and signed on its behalf.
S C Tamari Director
- 4 -
GLOBALE U.K. LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBALE U.K. LIMITED Opinion We have audited the financial statements of Globale U.K. Limited (the ‘Company’) for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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: ∙give a true and fair view of the state of the Company’s affairs as at 31 December 2024 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006. 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. - 5 -
GLOBALE U.K. LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBALE U.K. LIMITED 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 the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In 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: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. - 6 -
GLOBALE U.K. LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBALE U.K. LIMITED Responsibilities of Directors As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 intend either 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to: ∙Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; ∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities; ∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and ∙Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. - 7 -
GLOBALE U.K. LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBALE U.K. LIMITED In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions. Our audit procedures in relation to fraud included but were not limited to: ∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; ∙Gaining an understanding of the internal controls established to mitigate risks related to fraud; ∙Discussing amongst the engagement team the risks of fraud; and ∙Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Use of the audit report This report is made solely to the Company's members as a body 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 members those matters we are required to state to them 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 members as a body for our audit work, for this report, or for the opinions we have formed. Jonathan Marchant (Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor Floor 8, Assembly Building C Bristol BS2 0JJ 1 December 2025 - 8 -
GLOBALE U.K. LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
|  | As restated
| 2024 | 2023
Note | £ | £
Turnover | 4 | 186,710,583 | 190,940,301
Cost of sales |  | (120,671,100) | (116,523,264)
Gross profit |  | 66,039,483 | 74,417,037
Administrative expenses |  | (62,511,241) | (71,310,771)
Operating profit | 5 | 3,528,242 | 3,106,266
Fair value uplift on investments | 13 | 63,154 | -
Interest income | 9 | 800,419 | 632,229
Profit before tax |  | 4,391,815 | 3,738,495
Tax on profit | 10 | - | -
Profit for the financial year |  | 4,391,815 | 3,738,495
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2024 (2023: £NIL).
The notes on pages 12 to 34 form part of these financial statements.
* Please see note 21 for further details of the prior year restatement.
- 9 -
GLOBALE U.K. LIMITED REGISTERED NUMBER: 08632376 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 452,798 |  | 220,450
Investments | 13 |  | 15,929,374 |  | 15,079,503
|  |  | 16,382,172 |  | 15,299,953
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 14 | 714,207 |  | 547,504 |
Debtors: amounts falling due within one year | 14 | 145,070,645 |  | 77,555,833 |
Cash at bank and in hand | 15 | 22,786,057 |  | 29,821,066 |
|  | 168,570,909 |  | 107,924,403 |
Creditors: amounts falling due within one year | 16 | (173,572,769) |  | (109,194,401) |
Net current liabilities |  |  | (5,001,860) |  | (1,269,998)
Total assets less current liabilities |  |  | 11,380,312 |  | 14,029,955
Creditors: amounts falling due after more than one year | 17 |  | - |  | (7,041,458)
Net assets |  |  | 11,380,312 |  | 6,988,497
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 1 |  | 1
Profit and loss account | 19 |  | 11,380,311 |  | 6,988,496
|  |  | 11,380,312 |  | 6,988,497
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
S C Tamari
Director
Date: 25 November 2025
The notes on pages 12 to 34 form part of these financial statements. - 10 -
GLOBALE U.K. LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 | 1 | 3,250,001 | 3,250,002
Comprehensive income for the year |  |  |
Profit for the year | - | 3,738,495 | 3,738,495
Total comprehensive income for the year | - | 3,738,495 | 3,738,495
At 1 January 2024 | 1 | 6,988,496 | 6,988,497
Comprehensive income for the year |  |  |
Profit for the year | - | 4,391,815 | 4,391,815
Total comprehensive income for the year | - | 4,391,815 | 4,391,815
At 31 December 2024 | 1 | 11,380,311 | 11,380,312
| The notes on pages 12 to 34 form part of these financial statements.
- 11 -
GLOBALE U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Globale U.K. Limited ("the Company") is a private company, limited by shares, incorporated in England and Wales, registered number 08632376. The address of its registered office and principal place of business is 154 Clerkenwell Road, London, EC1R 5AB. The principal activity of the Company is that of the marketing and distribution of the parent company's services. In addition, the Company provides to the parent administration services and R&D services. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Global-e Online Ltd as at 31 December 2024 and these financial statements may be obtained from Hapsagot 9, Petah Tikva 4951041, Israel.
| 2.3 | Other investments
Other investments are held at fair value, with any revaluation gains or losses reflected through the statement of comprehensive income. - 12 -
GLOBALE U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Going concern
The financial statements are prepared on a going concern basis, which contemplates the continuation of normal business activity and the realisation of assets and the settlement of liabilities in the normal course of business. During the year ended 31 December 2024, the Company generated a net profit of £4,391,815 (2023: £3,738,495). At 31 December 2024, the Company had a positive equity position of £11,380,312 (2023: £6,988,497). The directors have received confirmation that the ultimate parent company will continue to support the Company and provide it with adequate funds when necessary to enable it to meet its debts as they fall due for a period of at least 12 months from the date of signature of the financial statements.
| 2.5 | Exemption from preparing consolidated financial statements
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
| 2.6 | Revenue
The Company derives revenue from transactions with its customers and through separate arrangements with the consumers who shop on the Company's customers' websites. Global e-commerce services revenue includes a fee paid to the Company by their customers based on a percentage of their customer's total gross international sales revenue processed through the Company's platform, as well as a fee paid by the consumer related to foreign exchange and other transactional services, including consumer service fees. Fulfillment services revenue is paid by both the consumer and the Company's customers for international shipping, handling and other global logistics services. Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and value added taxes. Revenue derived from the Company's customers is recognized upon the completion of the agreed upon service to the customer, which occurs upon the shipment of the parcel from the Company's third-party hub facilities to the consumer. Revenue related to fulfillment services, foreign exchange and other transactional services, including consumer service fees, is recognized upon delivery when the risk of loss is transferred to the consumer. The Company evaluates whether it is appropriate to record revenue on a gross or net basis. When making this evaluation, the Company considers if it a principal in a transaction, is subject to inventory risk with respect to markdowns and obsolescence, and has latitude in establishing prices or selecting suppliers, among other factors. When several, but not all of these indicators are not present, revenue is recorded on a net basis. With the exception of fulfillment services revenue, the Company records all revenue on a net basis. The Company enters into fulfillment arrangements with their logistic providers. Pursuant to these arrangements, the Company acts as the principal to the consumer and the Company has latitude in establishing pricing and selecting suppliers, among other factors. As a result, the Company reports fulfillment services revenue and fulfillment costs on a gross basis. - 13 -
GLOBALE U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued) The Company evaluates transactions with customers and consumers for multi-element arrangements and determined that there is a single unit of accounting for transactions with the Company's customers as well as the separate transactions with the consumers. Revenue is therefore recorded upon the final deliverable being satisfied with the customer or consumer. Billings received in advance for services are deferred and recognized as revenue when the conditions noted above are satisfied. When a consumer returns their purchase to the Company's customer, the Company typically refunds certain ecommerce fees related to foreign exchange services to the consumer. Reserves for such refunds are recorded at the time of sale based upon historical experience. Ecommerce fees paid to the Company based on a percentage of customer sales generated through the Company's platform are generally not refunded to the Company's customer. Consumer service fees related to transactional activity are not refunded. Fulfillment costs are typically paid for by the consumer in the event of a return or exchange and are not refunded by the Company.
| 2.7 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP, rounded to the nearest £1. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.8 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Amortisation is provided on the following bases: Software - 30% - 14 -
GLOBALE U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Short-term leasehold property | - | 20% |
|  |  |  | Plant and machinery | - | 20% |
|  |  |  | Fixtures and fittings | - | 20% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. - 15 -
GLOBALE U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.14 | Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.15 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.16 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.17 | Share based payments
The Company accounts for equity-based compensation by estimating the fair value of equity-based awards on the date of the grant using an option-pricing model for shares granted in previous financial years and unrestricted market value on the date of grant for those shares granted in the year ended 31 December 2024. The value of the portion of the award that is ultimately expected to vest is recognised as an expense over the requisite service period in the Company's Statement of Comprehensive Income. The Company recognises compensation expenses for the value of its awards granted based on a straight-line method over the requisite service period of each of the awards, net of estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimated. Estimated forfeitures are based on actual historical pre-vesting forfeitures. - 16 -
GLOBALE U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.18 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Company's Statement of Financial Position 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. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. - 17 -
GLOBALE U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
Impairment of financial assets 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. - 18 -
GLOBALE U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. - 19 -
GLOBALE U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In applying the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors’ judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. 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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. Critical judgements in applying the Company's accounting policies The critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below. (i) Assessing indicators of impairment In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year. (ii) Share based payments Management determines the value of the share based payments with reference to observable market inputs such are share price volatility, risk-free interest rate and expected dividend growth. These are referenced to industry data for comparable companies where the inputs are not readily available. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. (i) Recoverability of debtors The Company establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the aging of the debtors, past experience of recoverability, and the credit profile of individual or groups of customers. (ii) Determining residual values and useful economic lives of property, plant and equipment The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on variety of factors, including technological innovation, product life cycles and maintenance programmes. Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value management aim to assess the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices. - 20 -
GLOBALE U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  |  | As restated
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Sales | 137,622,162 | 131,705,764
| Service charges | 45,734,990 | 40,002,649
| Transfer pricing | 3,353,431 | 19,231,888
|  | 186,710,583 | 190,940,301
Analysis of turnover by country of destination:
|  |  |  |  |  | As restated
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 167,532,744 | 155,337,988
| Rest of the world | 19,177,839 | 35,602,313
|  | 186,710,583 | 190,940,301
| * Please see note 21 for further details of the prior year restatement.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Defined contribution pension cost | 196,194 | 155,222
| Depreciation of tangible fixed assets | 113,993 | 79,728
| Other operating lease rentals | 511,919 | 475,657
- 21 -
GLOBALE U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the company's auditor for the audit of the company's financial statements | 39,500 | 36,000
| All other services | 41,856 | 4,300
7. | Employees
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 8,402,906 | 6,041,550
| Social security costs | 886,469 | 677,577
| Cost of defined contribution scheme | 196,194 | 155,222
|  | 9,485,569 | 6,874,349
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Employees and Directors | 78 | 63
8. | Income from investments
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Income from other investments | 63,154 | -
- 22 -
GLOBALE U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Interest receivable from group companies | 65,338 | 211,046
| Other interest receivable | 735,081 | 421,183
|  | 800,419 | 632,229
10. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Current tax on profits for the year | - | -
| Fixed asset timing differences | 95,856 | 41,863
| Losses and other deductions | (106,616) | (41,863)
| Adjustments in respect of prior periods | 10,760 | -
- 23 -
GLOBALE U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 4,391,815 | 3,738,495
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%) | 1,097,954 | 879,294
| Effects of: |  |
| Fixed asset differences | 2,035 | 1,659
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 544,768 | 302,865
| Capital allowances for year in excess of depreciation | (960,391) | (3,560,040)
| Movement in deferred tax not recognised | (984,249) | 2,089,586
| Adjustments to tax charge in respect of prior periods - deferred tax | 10,760 | -
| Income not taxable for tax purposes | (15,789) | -
| Remeasurement of deferred tax for changes in tax rates | - | (123,658)
| Group relief | 304,912 | 410,294
| Total tax charge for the year | - | -
Tax losses of £29,587,232 (2023: £32,854,628) were carried forward to be offset against future profits. - 24 -
GLOBALE U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Intangible assets
|  | Computer software
|  | £
| Cost |
| At 1 January 2024 | 15,382
| At 31 December 2024 | 15,382
| Amortisation |
| At 1 January 2024 | 15,382
| At 31 December 2024 | 15,382
| Net book value |
| At 31 December 2024 | -
| At 31 December 2023 | -
- 25 -
GLOBALE U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Tangible fixed assets
|  | Short-term leasehold property | Plant and machinery | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 January 2024 | 144,369 | 61,774 | 297,278 | 503,421
| Additions | 99,185 | 81,574 | 165,582 | 346,341
| At 31 December 2024 | 243,554 | 143,348 | 462,860 | 849,762
| Depreciation |  |  |  |
| At 1 January 2024 | 97,172 | 32,237 | 153,562 | 282,971
| Charge for the year | 41,099 | 14,425 | 58,469 | 113,993
| At 31 December 2024 | 138,271 | 46,662 | 212,031 | 396,964
| Net book value |  |  |  |
| At 31 December 2024 | 105,283 | 96,686 | 250,829 | 452,798
| At 31 December 2023 | 47,197 | 29,537 | 143,716 | 220,450
- 26 -
GLOBALE U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Investments
|  | Investments in subsidiary companies | Other investments | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2024 | 15,079,503 | - | 15,079,503
| Additions | - | 786,717 | 786,717
| Revaluations | - | 63,154 | 63,154
| At 31 December 2024 | 15,079,503 | 849,871 | 15,929,374
| In April 2024, the Company acquired 19.99% of Smart GL Logistics Ltd, a company incorporated in the United Kingdom. The fair value of this investment was £849,871 at the reporting date. The cost of the shares on acquisition was £786,717.
- 27 -
GLOBALE U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| Global-e France SAS (FR) | France | Sales, marketing and operational activities in France | Ordinary | 100%
| Global-e Spain S.L (ES) | Spain | Sales, marketing and operational activities in Spain | Ordinary | 100%
| Global-e Australia Pty Ltd. | Australia | Sales, marketing and operational activities in Australia | Ordinary | 100%
| Global-e NL B.V. | The Netherlands | Sales, marketing and operational activities in The Netherlands | Ordinary | 100%
| Global-e Canada ecommerce Ltd | Canada | Sales, marketing and operational activities in Canada | Ordinary | 100%
| Global-e CH AG | Switzerland | Sales, marketing and operational activities in Switzerland | Ordinary | 100%
| Global-e HK Limited | Hong Kong | Sales, marketing and operational activities in Hong Kong | Ordinary | 100%
| Olami E-Commerce Solutions Ireland Limited | Ireland | Sales, marketing and operational activities in Norway | Ordinary | 100%
| Global-e Japan KK | Japan | Sales, marketing and operational activities in Japan | Ordinary | 100%
| Global-e Middle East LLC | UAE | Sales, marketing and operational activities in UAE | Ordinary | 100%
| GLOBALE MIDDLE EAST FZCO | UAE | Sales, marketing and operational activities in UAE | Ordinary | 100%
| E COMMERCE GLOBALE MIDDLE EAST FZCO | UAE | Sales, marketing and operational activities in UAE | Ordinary | 100%
| Pitney Bowes Payco Holdings Limited | Ireland | Settled funds from PSPs | Ordinary | 100%
| Pitney Bowes PayCo Australia Pty Ltd. | Australia | Settled funds from PSPs | Ordinary | 100%
| Pitney Bowes PayCo Canada Ltd. | Canada | Settled funds from PSPs | Ordinary | 100%
| Pitney Bowes PayCo Japan KK | Japan | Settled funds from PSPs | Ordinary | 100%
| Pitney Bowes PayCo Singapore Pte. Ltd. | Singapore | Settled funds from PSPs | Ordinary | 100%
| Pitney Bowes PayCo Switzerland GmbH | Switzerland | Settled funds from PSPs | Ordinary | 100%
| Pitney Bowes PayCo UK Limited | UK | Settled funds from PSPs | Ordinary | 100%
| Borderfree UK Limited | UK | Sales and operational activities in UK | Ordinary | 100%
| Global-e South Africa (PTY) Ltd | South Africa | Sales, marketing and operational activities in South Africa | Ordinary | 100%
- 28 -
GLOBALE U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Subsidiary undertakings (continued)
| Name | Registered office | Principal activity | Class of shares | Holding
| Crossborder Global Apparel And Equipment Trading LLC (Mainland) | UAE | Sales, marketing and operational activities in UAE | Ordinary | 100%
| Global-e (Beijing) Technology Co. Ltd. | China | Sales, marketing and operational activities in China | Ordinary | 100%
| International E-commerce Solutions Morocco Ltd | Morocco | Distribution in Morocco | Ordinary | 100%
| Crossborder Solutions For E-Commerce Ltd | Egypt | Sales, marketing and operational activities in Egypt | Ordinary | 100%
| Global-e Germany GmbH | Germany | Sales,marketing and operational activities in Germany | Ordinary | 100%
| PT Ecommerce Technologies Indonesia* | Indonesia | Sales,marketing and operational activities in Indonesia | Ordinary | 100%
| Subsidiaries marked * are indirectly held.
- 29 -
GLOBALE U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 4,436 | 4,436
| Deposit | 709,771 | 543,068
|  | 714,207 | 547,504
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due within one year |  |
| Amounts owed by group undertakings | 84,543,894 | 22,701,039
| Other debtors | 59,145,165 | 54,016,219
| Prepayments and accrued income | 1,381,586 | 838,575
|  | 145,070,645 | 77,555,833
| The amounts owed by group undertakings are unsecured, interest free and repayable on demand.
15. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 22,786,057 | 29,821,066
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 10,746,842 | 8,503,616
| Amounts owed to group undertakings | 110,645,333 | 48,320,906
| Other creditors | 45,080,978 | 29,828,186
| Accruals and deferred income | 7,099,616 | 22,541,693
|  | 173,572,769 | 109,194,401
| The amounts owed to group undertakings are unsecured, interest free and repayable on demand.
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GLOBALE U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed to group undertakings | - | 7,041,458
18. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 Ordinary share of £1 | 1 | 1
19. | Reserves
Profit and loss account The balance on the profit and loss reserve represents the accumulated profit up to 31 December 2024.
20. | Share-based payments
| The Company participates in the parent company's Employee Share Option Plan. The Ultimate parent company, Global-e Online Ltd, has granted share options as well as RSU's in its common share to eligible employees. At 31 December 2024, there were £4,537,385 (2023: £2,367,408) group outstanding options and RSU's in relation to UK employees. During the 2021 year, the ultimate parent company listed on the Nasdaq stock exchange, and from this point the company now only participates in the Parent Company's RSU share option plan. As at 31 December 2024 the £4,537,385 (2023: £2,367,408) was split between options of £581,340 (2023: £538,634) and RSU's of £3,956,045 (2023: £1,828,774). The quantity split as at 31 December 2024 was options of 203,606 (2023: 313,691) and RSU's of 223,115 (2023: 134,635).
21. | Prior year adjustment
Effective 01 January 2024, the company has applied Cross-border Duties and taxes on a net basis within revenue. This has been applied to the current financial year and the prior year comparatives to ensure comparability across reporting periods. As a result, the comparative figures in the financial statements have been adjusted to reflect the reclassification of those taxes from Cost of Sales to Revenue of £24,413,636. This change does not impact previously recorded gross profit, profit after tax, net assets or equity. Gross profit margin and operating profit margin percentages have been restated for the prior year in the Strategic Report on page 1. - 31 -
GLOBALE U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
22. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £196,194 (2023: £155,222) Contributions totaling £550 (2023: £550) were payable to the fund at the reporting date.
23. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 377,725 | 441,551
| Later than 1 year and not later than 5 years | 2,539,151 | 1,462,460
| Later than 5 years | - | 227,786
|  | 2,916,876 | 2,131,797
| The full amount of operating lease expense charged to the profit and loss during the year amounted to £511,919 (2023: £475,657).
24. | Related party transactions
| The Company is a wholly owned subsidiary of Global-e Online Ltd., and as such has taken advantage of the exemption permitted by FRS 102 Section 33 "Related party disclosures" not to provide disclosures of transactions entered into with other wholly owned members of the group. At 31 December 2024 the Company owed £75,539,112 (2023: £3,219,431) to Global-e US Inc., a fellow subsidiary. As at 31 December 2023, this balance was included within creditors. At 31 December 2024 the Company owed £8,728,678 (2023: £3,706,000) to Global-e France SAS, a wholly owned subsidiary of the Company. As at 31 December 2023, this balance was included within creditors. At 31 December 2024 the Company owed £Nil (2023: £7,041,458) to Global-e Online Ltd., the immediate parent undertaking. As at 31 December 2024, this balance was included within creditors. At 31 December 2024 the Company owed £4,989,773 (2023: £1,544,904) to Global-e Spain S.L. (ES), a wholly owned subsidiary of the Company. As at 31 December 2024, this balance was included within creditors. At 31 December 2024 the Company was owed £3,852,488 (2023: £3,218,498) by Global-e Australia, a fellow subsidiary. As at 31 December 2024, this balance was included within debtors. At 31 December 2024 the Company owed £17,973,707 (2023: £18,560,040) to Global-e NL B.V., a fellow subsidiary. As at 31 December 2024, this balance was included within creditors.
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GLOBALE U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 24.Related party transactions (continued)
| At 31 December 2024 the Company was owed £51,937,091 (2023: Amounts owed to of £19,413,694) by IL - UK, the immediate parent undertaking of the Company. As at 31 December 2024, this balance was included within debtors. At 31 December 2024 the Company was owed £2,270,466 (2023: £1,165,384) by UK - HK, a fellow subsidiary. As at 31 December 2024, this balance was included within debtors. At 31 December 2024 the Company was owed £520,746 (2023: Amounts owed by of £3,545,285) to Global-e Canada ecommerce Ltd, a fellow subsidiary. As at 31 December 2024, this balance was included within creditors. At 31 December 2024 the Company was owed £503,779 (2023: £1,664,080) by UK - CH, a fellow subsidiary. As at 31 December 2024, this balance was included within debtors. At 31 December 2024 the Company was owed £221,018 (2023: £29,886) to UK - CN, a fellow subsidiary. As at 31 December 2024, this balance was included within creditors. At 31 December 2024 the Company was owed £909,110 (2023: £651,440) by UK - SG, a wholly owned subsidiary of the Company. As at 31 December 2024, this balance was included within debtors. At 31 December 2024 the Company was owed £6,348,840 (2023: £3,244,071) by UK - JP, a wholly owned subsidiary of the Company. As at 31 December 2024, this balance was included within debtors. At 31 December 2024 the Company was owed £1,849,647 (2023: £264,389) by UK - Ireland, a wholly owned subsidiary of the Company. As at 31 December 2024, this balance was included within debtors. At 31 December 2024 the Company was owed £757,511 (2023: Amounts owed by of £82,782) to UK - PA (Assets), a wholly owned subsidiary of the Company. As at 31 December 2024, this balance was included within creditors. At 31 December 2024 the Company was owed £724,416 (2023: £1,159) by UK - UAE DAFZA (Assets), a wholly owned subsidiary of the Company. As at 31 December 2024, this balance was included within debtors. At 31 December 2024 the Company was owed £2,209,654 (2023: £2,398,354) by UK - ZA (Assets), a wholly owned subsidiary of the Company. As at 31 December 2024, this balance was included within debtors. At 31 December 2024 the Company was owed £1,552,177 (2023: £3,040,511) by UK - UAE MainLand (Assets), a wholly owned subsidiary of the Company. As at 31 December 2024, this balance was included within debtors. At 31 December 2024 the Company was owed £1,911,230 (2023: £1,020,113) to UK - Flow IR (Assets), a wholly owned subsidiary of the Company. As at 31 December 2024, this balance is included within creditors. At 31 December 2024 the Company was owed £387,404 (2023: £55,392) by UK - UAE Commercity (Assets), a wholly owned subsidiary of the Company. As at 31 December 2024, this balance was included within debtors.
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GLOBALE U.K. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 24.Related party transactions (continued)
| At 31 December 2024 the Company owed £Nil (2023: £206,101) to UK - EG (Assets), a wholly owned subsidiary of the Company. As at 31 December 2024, this balance was included within creditors. At 31 December 2024 the Company was owed £187,892 (2023: Amounts owed to of £617,179) by UK - GE KR (Assets), a wholly owned subsidiary of the Company. As at 31 December 2024, this balance was included within debtors. At 31 December 2024 the Company was owed £399,492 (2023: £628,437) by UK - GE KR, a wholly owned subsidiary of the Company. As at 31 December 2024, this balance was included within debtors. At 31 December 2024 the Company was owed £Nil (2023: £2,654,638) by UK - GE EG, a wholly owned subsidiary of the Company. As at 31 December 2024, this balance was included within debtors. At 31 December 2024 the Company was owed £2,508,380 (2023: £86,619) by UK - GE Morocco (Assets), a wholly owned subsidiary of the Company. As at 31 December 2024, this balance was included within debtors. At 31 December 2024 the Company was owed £3,141 (2023: £Nil) by UK - Flow UK, a wholly owned subsidiary of the Company. As at 31 December 2024, this balance was included within debtors. At 31 December 2024 the Company was owed £23,586 (2023: £Nil) by UK - GE DE, a wholly owned subsidiary of the Company. As at 31 December 2024, this balance was included within debtors. At 31 December 2024 the Company was owed £1,439,345 (2023: £Nil) by UK - GE EG EUR, a wholly owned subsidiary of the Company. As at 31 December 2024, this balance was included within debtors. At 31 December 2024 the Company was owed £39,003 (2023: £Nil) by UK - GE EG IN, a wholly owned subsidiary of the Company. As at 31 December 2024, this balance was included within debtors. At 31 December 2024 the Company was owed £7,382,347 (2023: £Nil) by UK - Spenny UK a wholly owned subsidiary of the Company. As at 31 December 2024, this balance was included within debtors.
25. | Controlling party
The Directors consider Global-e Online Ltd, a company incorporated in Israel to be the immediate and ultimate parent undertaking. The registered address for Global-e Online Ltd. is Hapsagot 9, Petah Tikva 4951041, Israel. Consolidated financial statements of Global-e Online Ltd as at 31 December 2024 may be obtained from Hapsagot 9, Petah Tikva, 4951041, Israel.
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