REGISTERED NUMBER: 05855839 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2024

for

GLOBAL FREIGHT SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Ms. J Chen

REGISTERED OFFICE:

Unit 3 Hyperion

Currie Drive,

Braintree

Essex

CM77 7AZ

REGISTERED NUMBER:

05855839 (England and Wales)

ACCOUNTANTS:

AKS Advisers

14-15 Lower Grosvenor Place

London

SW1W 0EX

FIXED ASSETS

Tangible assets

4

44,846

76,368

CURRENT ASSETS

Debtors

5

1,335,180

1,910,108

Cash at bank

3,572

682,316

1,338,752

2,592,424

CREDITORS

Amounts falling due within one year

6

1,543,138

2,299,201

NET CURRENT (LIABILITIES)/ASSETS

(204,386

)

293,223

TOTAL ASSETS LESS CURRENT LIABILITIES

(159,540

)

369,591

CREDITORS

Amounts falling due after more than one year

7

68,858

88,184

NET (LIABILITIES)/ASSETS

(228,398

)

281,407

CAPITAL AND RESERVES

Called up share capital

200

200

Share premium

19,900

19,900

Retained earnings

(248,498

)

261,307

SHAREHOLDERS' FUNDS

(228,398

)

281,407

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director and authorised for issue on 16 April 2026 and were signed by:

Ms. J Chen - Director

1.	STATUTORY INFORMATION

Global Freight Systems Limited 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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.

Plant and machinery etc

-

25% on cost

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

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.

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.

Going concern

The company has liabilities in excess of assets in the sum of £228,398 (2023: £281,407 assets in excess of liabilities).

The company's forecasts and projections, taking into account the current economic conditions and reasonable changes in trading performance, show that the company should be able to operate within its current reserves level.

After considering all the factors, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for foreseeable future. For these reasons, the company continues to adopt the going concern basis in preparing annual report and accounts.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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 no significant risk of change in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2023

329,986

Additions

6,112

At 31 October 2024

336,098

DEPRECIATION

At 1 November 2023

253,618

Charge for year

37,634

At 31 October 2024

291,252

NET BOOK VALUE

At 31 October 2024

44,846

At 31 October 2023

76,368

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.24

31.10.23

£

£

Trade debtors

671,323

1,121,439

Amounts owed by group undertakings

322,400

152,480

Other debtors

341,457

636,189

1,335,180

1,910,108

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.24

31.10.23

£

£

Bank loans and overdrafts

105,216

14,540

Finance leases

8,678

6,877

Trade creditors

511,795

1,621,288

Amounts owed to group undertakings

114,300

-

Taxation and social security

96,818

23,747

Other creditors

706,331

632,749

1,543,138

2,299,201

All bank loans and overdrafts are secured by fixed and floating charge over the assets of the company.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.24

31.10.23

£

£

Bank loans

13,517

24,165

Finance leases

55,341

64,019

68,858

88,184

8.	ULTIMATE CONTROLLING PARTY

Woxiang Investment Limited, a company incorporated in Hong Kong, was the ultimate parent company by virtue of its shareholding.