Registrar
Registration number:
for the Year Ended
Global Operations & Administration Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Global Operations & Administration Limited
Company Information
Directors |
D L Wilkinson S M Everard A M Carroll E S B Howard |
Company secretary |
S M Everard |
Registered office |
|
Solicitors |
|
Bankers |
|
Global Operations & Administration Limited
(Registration number: 03943433)
Balance Sheet as at 30 September 2020
Note |
2020 |
2019 |
|
Non current assets |
|||
Deferred tax |
281,713 |
274,391 |
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Company secretary and director
Global Operations & Administration Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Summary of disclosure exemptions
The company has taken advantage of the exemption available from disclosing transactions with other members of the group in accordance with FRS 102 Section 33.1a.
Revenue recognition
Turnover consists of licensing and supporting a withholding tax reclamation software package recognised in the period in which the services are made available, excluding value added tax. Support fees and License fees are invoiced in advance for fixed periods and taken to revenue on a straight line basis over the term of the contract. Revenue not recognised in the Statement of Comprehensive Income under this policy is classified as payments received on account.
Foreign currency transactions and balances
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 are recognised in the Statement of Comprehensive Income.
Tax
Current tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
A deferred tax asset for losses carried forward is recognised to the extent that future taxable profits will be available against which temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer anticipated that the related tax benefit will be realised.
Global Operations & Administration Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand.
Trade debtors
Trade debtors are amounts due from customers for the sale of withholding tax reclamation and licensing services. Trade debtors are measured at transaction price, less any impairment.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Share capital
Ordinary shares are classified as equity.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations rather than its legal form.
The company's cash at bank, trade and other debtors, trade and other payables, intercompany balances, and bank overdrafts are measured initially at the transaction price, including transaction cost, and subsequently at amortised cost using the effective interest method. Debt instruments that are repayable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
The intercompany balances are considered annually for recoverability and any impairment.
Judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the financial position date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates. Areas of judgement and estimation that are most likely to have the most significant effect on the accounts are the recoverability of intercompany balances and the recoverability of deferred tax. The estimates and underlying assumptions are reviewed on an ongoing basis. |
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
During the year staff members were transferred to the Parent Company via a TUPE arrangement and as a result only one staff member was paid via Global Operations & Administration Limited in the month of October 2019.
Global Operations & Administration Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020
Non current assets- Deferred tax |
Deferred tax movement during the year:
Tax losses deferred tax asset |
Total |
|
At 1 October 2019 |
|
|
Movement in year charged to profit and loss account |
|
|
At 30 September 2020 |
|
|
Recognised tax losses of £1,482,698 (2019: £1,614,066)
The deferred tax asset has increased, despite losses being utilised in the year. This is as a result of the planned Corporation Tax rate reduction to 17% from 19% not being enacted.
Debtors |
2020 |
2019 |
|
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
- |
|
Prepayments and accrued income |
- |
427 |
|
|
Creditors |
2020 |
2019 |
|
Due within one year |
||
Trade creditors |
|
|
Social security and other taxes |
- |
|
Accruals and deferred income |
19,608 |
90,450 |
|
|
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,000 |
|
1,000 |
Global Operations & Administration Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020
Parent and ultimate parent undertaking |
The company's immediate parent is
No one person or party is deemed to have ultimate control of the company.