Company Registration No. 03941061 (England and Wales)
GLOBAL TAX NETWORK LTD
Unaudited accounts
for the year ended 31 March 2025
GLOBAL TAX NETWORK LTD
Unaudited accounts
Contents
GLOBAL TAX NETWORK LTD
Company Information
for the year ended 31 March 2025
Directors
Richard David Watts-Joyce
Rhian Watts-Joyce
Company Number
03941061 (England and Wales)
Registered Office
ANDREWS HOUSE
COLLEGE ROAD
GUILDFORD
GU1 4QB
ENGLAND
Accountants
On Cloud 9 Accounting
1a Lincoln House
Chichester Fields, Tangmere
Chichester
West Sussex
PO20 2FS
GLOBAL TAX NETWORK LTD
Statement of financial position
as at 31 March 2025
Tangible assets
16,429
28,956
Cash at bank and in hand
149,558
174,186
Creditors: amounts falling due within one year
(919,938)
(1,057,164)
Net current liabilities
(15,133)
(28,122)
Called up share capital
2
2
Profit and loss account
1,294
832
Shareholders' funds
1,296
834
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2025 and were signed on its behalf by
Richard David Watts-Joyce
Director
Company Registration No. 03941061
GLOBAL TAX NETWORK LTD
Notes to the Accounts
for the year ended 31 March 2025
GLOBAL TAX NETWORK LTD is a private company, limited by shares, registered in England and Wales, registration number 03941061. The registered office is ANDREWS HOUSE, COLLEGE ROAD, GUILDFORD, GU1 4QB, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% Straight Line
Computer equipment
50% Straight Line
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
GLOBAL TAX NETWORK LTD
Notes to the Accounts
for the year ended 31 March 2025
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2024
556
133,794
23,215
157,565
Additions
-
382
4,307
4,689
At 31 March 2025
556
134,176
27,522
162,254
At 1 April 2024
65
117,605
10,939
128,609
Charge for the year
139
7,296
9,781
17,216
At 31 March 2025
204
124,901
20,720
145,825
At 31 March 2025
352
9,275
6,802
16,429
At 31 March 2024
491
16,189
12,276
28,956
Amounts falling due within one year
Trade debtors
545,512
623,021
Accrued income and prepayments
23,955
64,459
Other debtors
185,780
167,376
6
Creditors: amounts falling due within one year
2025
2024
Bank loans and overdrafts
218,578
291,698
Obligations under finance leases and hire purchase contracts
6,576
12,042
Trade creditors
122,372
179,203
Taxes and social security
146,509
109,160
Other creditors
405,759
366,706
7
Average number of employees
During the year the average number of employees was 18 (2024: 25).