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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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GLOBAL DELIVERY SOLUTIONS LTD |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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FOR |
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GLOBAL DELIVERY SOLUTIONS LTD |
GLOBAL DELIVERY SOLUTIONS LTD (REGISTERED NUMBER: 07014569) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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GLOBAL DELIVERY SOLUTIONS LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Fulford House |
Newbold Terrace |
Leamington Spa |
Warwickshire |
CV32 4EA |
GLOBAL DELIVERY SOLUTIONS LTD (REGISTERED NUMBER: 07014569) |
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BALANCE SHEET |
31 DECEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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PENSION LIABILITY | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up and paid share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their 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. |
GLOBAL DELIVERY SOLUTIONS LTD (REGISTERED NUMBER: 07014569) |
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BALANCE SHEET - continued |
31 DECEMBER 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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GLOBAL DELIVERY SOLUTIONS LTD (REGISTERED NUMBER: 07014569) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Global Delivery Solutions Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Financial instruments |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
GLOBAL DELIVERY SOLUTIONS LTD (REGISTERED NUMBER: 07014569) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Pensions |
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. |
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For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined obligation is calculated on an annual basis by independent actuaries. |
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Actuarial gains and losses are recognised in the full period in which they occur and are shown in Other Comprehensive Income. |
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Current and past service costs, along with settlements or curtailments, are charged to the Income Statement. Interest on pension plan liabilities are recognised within finance expense. |
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Related party transactions |
A related party transaction is defined as a transfer of resources, services or obligations between a reporting company and a related party, regardless of whether a price is charged. |
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Related parties under FRS 102 are defined as a person or entity that is related to the entity that is preparing its financial statements as follows: |
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A person or a close member of that person's family is related to a reporting entity if that person: |
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- has joint control or joint control over the reporting entity; |
- has significant influence over the reporting entity; or |
- is a member of the key management personnel of the reporting entity or of a parent of the reporting entity. |
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An entity is related to a reporting entity if any of the following conditions apply; |
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- the entity and the reporting entity are members of the same group. |
- one entity is an associate or joint venture of the other entity. |
- both entities are joint ventures of the same third party. |
- one entity is a joint venture of third entity and the other entity is an associate of the third entity. |
- the entity is a post-employment benefit plan for the benefit of employees of either the reporting entity or an entity related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers are also related to the reporting entity. |
- the entity is controlled or jointly controlled by a person identified above. |
- a person identified above has significant influence over the entity or is a member of the key management personnel of the entity. |
- the entity, or any member of a group of which it is a part, provides key management personnel services to the reporting entity or to the parent of the reporting entity. |
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Key management is defined as those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly including any director (whether executive or otherwise) of that entity. |
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Significant influence is the power to participate in the operating and financial policy decisions of an entity; it is not control over those policies. Significant influence would assumed where a shareholder holds 20% or more of the voting rights of the entity. |
GLOBAL DELIVERY SOLUTIONS LTD (REGISTERED NUMBER: 07014569) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Provisions |
Provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation taking into account the risks and uncertainties surrounding the obligation. |
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Going concern |
The financial statements have been prepared on the going concern concept. This assumes that the company will achieve a profitable level of trading and will continue to enjoy the support of its bankers and creditors. The financial statements do not account for any adjustments that would be required if the company was unable to achieve these objectives. There has been some disruption to the business activities as a result of COVID-19, but these do not impact the financial statements in the current year. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2019 |
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Additions |
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Disposals | ( |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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GLOBAL DELIVERY SOLUTIONS LTD (REGISTERED NUMBER: 07014569) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Amounts owed to associates | 16,963 | 66,963 |
Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
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Hire purchase contracts | 315,615 | 485,921 |
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The hire purchase liabilities are secured against the asset. |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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During the year the directors operated a loan with the company with no fixed terms of repayment or interest. Amounts advanced during the year were £230,000 (2018 - £177,060). Amounts repaid during the year were £177,060 (2018 - nil). At the year end the amount owing to the company was £230,000 (2018 - £177,060). |
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During the year, the following shareholders agreed to to take on the Company's pension obligations as follows: |
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- Mr S Bains in respect of Mr P Bains for £78,000 and Mr A Bains for £42,900. |
- Mr P Bains in respect of Mr S Bains for £74,100. |
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The Company agreed to pay the respective individuals amounts equivalent to the actuarial valuations of the pension obligations at transfer. |