Global Support Services (UK) Ltd - Period Ending 2018-12-30

Registration number: 07462040

Global Support Services (UK) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 December 2018

Tree Accountancy Limited
Chartered Certified Accountants
First Floor
Eastgate
Castle Street
Castlefield
Manchester
M3 4LZ

Global Support Services (UK) Ltd

Contents

Company Information	1
Director's Report	2 to 3
Balance Sheet	4 to 5
Notes to the Financial Statements	6 to 11

Global Support Services (UK) Ltd

Company Information

Director

Mr Daniel Mailly

Registered office

First Floor Eastgate Castle Street Castlefield Manchester M3 4LZ

Accountants

Tree Accountancy Limited Chartered Certified Accountants First Floor Eastgate Castle Street Castlefield Manchester M3 4LZ

Page 1

Global Support Services (UK) Ltd

Director's Report for the Year Ended 30 December 2018

The director presents his report and the financial statements for the year ended 30 December 2018.

Directors of the company

The directors who held office during the year were as follows:

Mr Daniel Mailly

Mr Gary Malloy (resigned 17 May 2018)

Mr Philip Thompson (resigned 5 February 2018)

Mr Leigh L Gillon (resigned 31 August 2018)

Principal activity

The principal activity of the company is private security activities

Review of Business

We are immensely proud to deliver the accounts for the year.

Our approach has been simple - if we focus on delivering an excellent service to our customers and care for our staff, the business will continue to grow purposefully. This has been ratified by our results this year.

In February, the Company bought out one of two shareholders, allowing a realignment of the business to become the employer and supplier of choice in our industry with a focus on financial stability. These priorities, which we call our Critical Success Factors, have anchored the decisions we’ve made throughout the year.

We also began the restructure our management team, adding some key individuals into new roles to provide thought leadership to the industry and to bolster our operations, canine and R&D provisions.

In August, we were listed by the Financial Times in the inaugural listing of the FT Future 100 UK ranking - a list of 100 fast growing companies recognised for making a positive impact on their industry and wider society. To be named for our consistent growth and commitment to diversity and social impact was a real accolade.

We reflect on the year with pride at the changes we have made, thankful to those who have helped us get here and prepare to welcome the new faces who will help us realise our ambitions for growth, excellence and innovation.
 

Page 2

Global Support Services (UK) Ltd

Director's Report for the Year Ended 30 December 2018

Statement of Directors' Responsibilities

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies provision statement

This report has 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.

Approved by the director on 30 September 2019 and signed on its behalf by:

.........................................
Mr Daniel Mailly
Director

Page 3

Global Support Services (UK) Ltd

(Registration number: 07462040)
Balance Sheet as at 30 December 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	23,439	39,944
Current assets
Debtors	5	560,742	662,339
Cash at bank and in hand		482,376	590,607
		1,043,118	1,252,946
Creditors: Amounts falling due within one year	6	(673,127)	(535,447)
Net current assets		369,991	717,499
Total assets less current liabilities		393,430	757,443
Provisions for liabilities		(4,477)	(3,784)
Net assets		388,953	753,659
Capital and reserves
Called up share capital	7	25	50
Capital redemption reserve		25	-
Profit and loss account		388,903	753,609
Total equity		388,953	753,659

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 4

Global Support Services (UK) Ltd

(Registration number: 07462040)
Balance Sheet as at 30 December 2018

For the financial year ending 30 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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 director on 30 September 2019
 

.........................................

Mr Daniel Mailly
Director

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 5

Global Support Services (UK) Ltd

Notes to the Financial Statements for the Year Ended 30 December 2018

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
First Floor Eastgate Castle Street
Castlefield
Manchester
M3 4LZ
United Kingdom

The company's registration number is: 07462040

2	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 except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

Page 6

Global Support Services (UK) Ltd

Notes to the Financial Statements for the Year Ended 30 December 2018

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant & Machinery	20% straight line
Fixtures & Fittings	20% straight line
Motor Vehicles	25% straight line
Computer Equipment	33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 7

Global Support Services (UK) Ltd

Notes to the Financial Statements for the Year Ended 30 December 2018

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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 employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 53 (2017 - 60).

Page 8

Global Support Services (UK) Ltd

Notes to the Financial Statements for the Year Ended 30 December 2018

4	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Office equipment £	Motor vehicles  £
Cost or valuation
At 31 December 2017	28,261	25,701	32,100	60,921
Additions	-	1,851	1,744	11,001
Disposals	-	(6,350)	-	(21,581)
At 30 December 2018	28,261	21,202	33,844	50,341
Depreciation
At 31 December 2017	23,754	17,821	26,056	39,405
Charge for the year	2,390	2,128	2,972	6,859
Eliminated on disposal	-	(4,358)	-	(6,818)
At 30 December 2018	26,144	15,591	29,028	39,446
Carrying amount
At 30 December 2018	2,117	5,611	4,816	10,895
At 30 December 2017	4,507	7,880	6,043	21,514

	Total £
Cost or valuation
At 31 December 2017	146,983
Additions	14,596
Disposals	(27,931)
At 30 December 2018	133,648
Depreciation
At 31 December 2017	107,036
Charge for the year	14,349
Eliminated on disposal	(11,176)
At 30 December 2018	110,209
Carrying amount
At 30 December 2018	23,439
At 30 December 2017	39,944

Page 9

Global Support Services (UK) Ltd

Notes to the Financial Statements for the Year Ended 30 December 2018

5

Debtors

	Note	2018 £	2017 £
Trade debtors		499,221	479,760
Amounts owed by group undertakings and undertakings in which the company has a participating interest		-	126,608
Prepayments		21,297	20,248
Other debtors		40,224	35,723
		560,742	662,339

6

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Trade creditors	130,761	123,523
Taxation and social security	244,372	229,625
Accruals and deferred income	163,425	11,481
Other creditors	134,569	170,818
	673,127	535,447

7	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary of £1 each	25	25	50	50

During the year there was a share buy back of 25 ordinary shares.

Page 10

Global Support Services (UK) Ltd

Notes to the Financial Statements for the Year Ended 30 December 2018

8	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2018 £	2017 £
Not later than one year	29,260	28,617
Later than one year and not later than five years	-	29,260
	29,260	57,877

The amount of non-cancellable operating lease payments recognised as an expense during the year was £29,260 (2017 - £28,617).

Page 11