Global Developments (UK) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03663822 (England and Wales)

GLOBAL DEVELOPMENTS (UK) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A Gilbert

SECRETARY:

A Gilbert

REGISTERED OFFICE:

W H Prior

Railway Court

Doncaster

South Yorkshire

DN4 5FB

REGISTERED NUMBER:

03663822 (England and Wales)

ACCOUNTANTS:

W H Prior

Chartered Certified Accountants

Railway Court

Off Ten Pound Walk

Doncaster

South Yorkshire

DN4 5FB

FIXED ASSETS

Tangible assets

4

211,933

200,639

Investment property

5

90,000

90,000

301,933

290,639

CURRENT ASSETS

Stocks

584,413

1,761,165

Debtors

6

1,384,226

405,261

Cash at bank

21,561

633,667

1,990,200

2,800,093

CREDITORS

Amounts falling due within one year

7

323,181

1,127,163

NET CURRENT ASSETS

1,667,019

1,672,930

TOTAL ASSETS LESS CURRENT LIABILITIES

1,968,952

1,963,569

CREDITORS

Amounts falling due after more than one year

8

(94,196

)

(79,717

)

PROVISIONS FOR LIABILITIES

(46,946

)

(53,000

)

NET ASSETS

1,827,810

1,830,852

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings - not distri

butable

47,955

47,955

Retained earnings

1,779,845

1,782,887

SHAREHOLDERS' FUNDS

1,827,810

1,830,852

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 5th December 2023 and were signed by:

A Gilbert - Director

1.	STATUTORY INFORMATION

Global Developments (UK) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods - Turnover from the sale of goods is recognised at the point of sale, defined by the point at which a legally binding contractually agreement has been entered into.

Rendering of services - Turnover from the provision of services is recognised on completion of the service except in the case of engagements spanning the balance sheet date, where it is recognised by reference to the stage of completion at the balance sheet date.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2022

408,718

Additions

95,015

Disposals

(98,331

)

At 31st March 2023

405,402

DEPRECIATION

At 1st April 2022

208,079

Charge for year

51,238

Eliminated on disposal

(65,848

)

At 31st March 2023

193,469

NET BOOK VALUE

At 31st March 2023

211,933

At 31st March 2022

200,639

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1st April 2022

256,731

Additions

95,015

Disposals

(75,731

)

Transfer to ownership

(58,490

)

At 31st March 2023

217,525

DEPRECIATION

At 1st April 2022

111,937

Charge for year

35,276

Eliminated on disposal

(51,770

)

Transfer to ownership

(33,815

)

At 31st March 2023

61,628

NET BOOK VALUE

At 31st March 2023

155,897

At 31st March 2022

144,794

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2022

and 31st March 2023

90,000

NET BOOK VALUE

At 31st March 2023

90,000

At 31st March 2022

90,000

Included in fair value of investment property is freehold land of £ 90,000 (2022 - £ 90,000 ) which is not depreciated.

The investment property, from which the company derives rental income, has been valued by Adam Gilbert, one of the company directors, on the basis of open market value. In the opinion of the directors the investment property is valued at £90,000 as at the balance sheet date (2022: £90,000).

Fair value at 31st March 2023 is represented by:

£

Valuation in 2022

90,000

If the freehold land and building had not been revalued they would have been included at the following historical cost:

2023

2022

£

£

Cost

42,045

42,045

The freehold land and building were valued on an open market basis on 31st March 2022 by Adam Gilbert, a company director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

-

5,416

Other debtors

1,384,226

399,845

1,384,226

405,261

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

10,000

10,000

Hire purchase contracts

58,858

57,963

Trade creditors

1,135

954,770

Taxation and social security

22,419

99,647

Other creditors

230,769

4,783

323,181

1,127,163

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

22,500

32,500

Hire purchase contracts

71,696

47,217

94,196

79,717

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

32,500

42,500

The bank loans are secured by means of a charge over the investment property owned by the company, and also by a floating charge over the assets and undertaking of the company.

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2023 and 31st March 2022:

2023

2022

£

£

A Gilbert

Balance outstanding at start of year

54,690

54,690

Amounts advanced

236,773

-

Amounts repaid

(87,500

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

203,963

54,690

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £1,000 (2022 - £15,543) were paid to the director .

The company has advanced loans to Direct Scaffold Services Limited a company also under the control of Mr. A. Gilbert. As at the balance sheet date the net amount of the loan was £251,708 (2022:£273,908). This loan is unsecured and interest free.

The company has received a loan from Direct Scaffold Doncaster Limited, a company also under the control of Mr. A. Gilbert. As at the balance sheet date the net amount of the loan was £218,254 (2022:£18,519 owing from Direct Scaffold Doncaster Limited)..This loan is unsecured and interest free.

The company has also advanced loans to Woodsett Homes Limited, a company also under the control of Mr. A. Gilbert. As at the balance sheet date the net amount of the loan owing by Woodsett Homes Limited was £911,134 (2022: £954,770 owing to Woodsett Homes Limited) This loan is unsecured and interest free.Trading transactions have taken place between Global Developments UK Limited and Woodsett Homes Limited during the year which are regarded as having been transacted under normal commercial terms.

12.	ULTIMATE CONTROLLING PARTY

Adam Gilbert, who holds 100% of the issued share capital of the company, is the ultimate controlling party.