One World Global Trade Management Limite - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09518626 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

ONE WORLD GLOBAL TRADE MANAGEMENT

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S M Davies

I R Liddell

J P P Plank

SECRETARY:

N K Brooks

REGISTERED OFFICE:

Upminster Court

133 Hall Lane

Upminster

Essex

RM14 1AL

REGISTERED NUMBER:

09518626 (England and Wales)

SENIOR STATUTORY AUDITOR:

Andrew Green LLB FCA

AUDITORS:

THP Limited

Chartered Accountants

and Statutory Auditors

34-40 High Street

Wanstead

London

E11 2RJ

FIXED ASSETS

Intangible assets

5

2,096,806

-

Tangible assets

6

5,353,205

-

7,450,011

-

CURRENT ASSETS

Debtors

7

243,383

4,754,479

Cash at bank

13,531,667

22,459,907

13,775,050

27,214,386

CREDITORS

Amounts falling due within one year

8

15,769,626

20,240,038

NET CURRENT (LIABILITIES)/ASSETS

(1,994,576

)

6,974,348

TOTAL ASSETS LESS CURRENT LIABILITIES

5,455,435

6,974,348

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

5,455,434

6,974,347

5,455,435

6,974,348

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 December 2023 and were signed on its behalf by:

I R Liddell - Director

1.	STATUTORY INFORMATION

One World Global Trade Management 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements and going concern

The financial statements have been prepared under the historical cost convention.

The company incurred an operating loss in the period of £1,513,506 (2021: profit £6,098,629) as the business changed focus to the development of its software products.

Despite these losses, the company has an exceptionally strong balance sheet, with net assets of £5,455,435 (2021: £6,974,348) and cash at bank of £13,531,667 (2021: £22,459,907). It has also been able to draw on the support of the wider Uniserve group for liquidity funding in the form of a £20,000,000 loan to finance the development of the business. The parent company has also indicated its willingness to provide further cashflow support should this be needed in future periods.

Having considered all the relevant facts the directors consider it is appropriate to prepare the financial statements on a going concern basis.

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.

Revenue from software sold as a service is recognised on a monthly basis, starting from the effective date on the subscription contract.

Software development costs

The company applies the rules set out in FRS102 Section 18 when considering the capitalization of software development costs. Therefore, the company only recognises an intangible asset as an asset if, and only if:

(a) it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and

(b) the cost or value of the asset can be measured reliably.

The asset is initially recognised at cost, where cost comprises all directly attributable costs necessary to create, produce and prepare the asset to be capable of operating in the manner intended by management.

This will include:

(i) costs of materials and services used or consumed in generating the intangible asset;

(ii) costs of employee benefits arising from the generation of the intangible asset; and

(iii)fees to register a legal right.

Any expenditure carried forward is amortised in line with the expected future life of the asset less any

accumulated impairment losses, commencing from the month in which the relevant asset begins generating

revenue.

The estimated useful lives range as follows:

Development costs 5 years

Tangible fixed assets

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

Freehold buildings - Straight line over 50 years

Fixtures and fittings - Straight line over 5 years

Freehold land is not depreciated.

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.

The GB Europe Holdings Limited group offsets its corporation tax profits against the losses of other entities within the group via group relief as permitted by the UK tax legislation. Where such relief is claimed the company does not pay the corresponding group entity an equivalent of loss relief used at the prevailing tax rate.

The company is party to group transactions where transfer pricing regulations apply. A formal transfer pricing review is in progress which may impact the tax treatment of group transactions. Should adjustment for transfer pricing result, then any group entity with additional tax liability will be compensated by the group entity with reduced tax liability.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2021 - 6 ) .

5.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

Additions

2,096,806

At 31 December 2022

2,096,806

NET BOOK VALUE

At 31 December 2022

2,096,806

6.	TANGIBLE FIXED ASSETS

Freehold

Fixtures

land and

and

buildings

fittings

Totals

£

£

£

COST

Additions

5,364,191

2,424

5,366,615

At 31 December 2022

5,364,191

2,424

5,366,615

DEPRECIATION

Charge for year

13,410

-

13,410

At 31 December 2022

13,410

-

13,410

NET BOOK VALUE

At 31 December 2022

5,350,781

2,424

5,353,205

Included in cost of land and buildings is freehold land of £ 1,341,048 which is not depreciated.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

74,849

56,601

Other debtors

20,109

21,178

VAT

113,299

-

Prepayments and accrued income

35,126

4,676,700

243,383

4,754,479

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

659,303

-

Amounts owed to group undertakings

14,561,235

18,978,434

Corporation tax

-

1,159,155

Social security and other taxes

49,683

30,814

VAT

-

4,355

Other creditors

9,018

897

Accrued expenses

490,387

66,383

15,769,626

20,240,038

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Green LLB FCA (Senior Statutory Auditor)

for and on behalf of THP Limited

10.	ULTIMATE CONTROLLING PARTY

The immediate parent company is Uniserve Holding Limited, a company incorporated in England and Wales.

The ultimate parent company is GB Global Holdco. Pte. Ltd, a company incorporated in Singapore.

The largest group in the UK for which group accounts are prepared is headed by GB Europe Holdings Limited. A copy of the consolidated accounts may be obtained from Companies House.

The ultimate controlling party is I R Liddell.