Global Support Services (UK) Ltd - Period Ending 2020-12-30
Global Support Services (UK) Ltd - Period Ending 2020-12-30
Registration number:
Global Support Services (UK) Ltd
for the Year Ended 30 December 2020
Global Support Services (UK) Ltd
Contents
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Company Information |
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Director's Report |
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Balance Sheet |
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Notes to the Financial Statements |
Global Support Services (UK) Ltd
Company Information
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Director |
Mr Daniel Mailly |
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Registered office |
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Accountants |
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Global Support Services (UK) Ltd
Director's Report for the Year Ended 30 December 2020
The director presents his report and the financial statements for the year ended 30 December 2020.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is private security activities
Review of Business
A year none of us will forget, no matter how hard we try.
It is fair to say that 2020 proved to be a testing year for us all; staff, clients and the wider community. As a team, we made a number of sacrifices, digging deeper than we imagined possible. This resilience from the team, coupled with some extraordinary support from our clients, allowed us to maintain employment numbers, remain profitable and delight our clients. With a strong balance sheet heading
into the pandemic, there was never any doubt about the company’s future but the need to pivot and diversify our services was clear - we needed to remain viable and innovate - and the team rose to the challenge.
With global uncertainty likely to continue for the foreseeable future, it would be ill-advised to make any short-term economic forecasts. But if the past is the best indicator of the future, we are well placed to face the challenges that will follow and we look forward with great optimism.
Measured by our own critical success factors, we are well positioned to recommence our Growth Plan and our order book is encouraging. A number of our competitors did not survive the pandemic, with their customers turning to us -- further cementing our position as the leading supplier in our industry.
Our extensive risk analysis highlights a number of challenges over the next year, including the impact of Brexit, the ongoing pandemic and the inevitable economic fallout of both. However, we foresee recruitment as being our number one challenge over the coming year. To combat this we will invest in research and development to develop a new scheduling and resourcing system and a proprietary scholarship programme to bring new faces into the industry. Recruitment will be the key to success and will likely determine the level of growth we can achieve.
We have worked hard to pass the tests we were faced with this last year and will utilise that learning into the years ahead. We will continue to invest in the future success of the Company, ensuring we continue to exceed expectations for our existing stakeholders and the many who will join us in 2021. I am proud to deliver the accounts for the year, of the team that contributed to uphold the vision of the company and of the customers who persevered with us in difficult times.
Going concern
The directors have considered the impact of COVID 19 on the business within the financial year. They believe although this has impacted the business it has not affected the company's ability to continue trading and as a result the accounts are prepared under the going concern basis.
Global Support Services (UK) Ltd
Director's Report for the Year Ended 30 December 2020
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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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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
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Director
Global Support Services (UK) Ltd
(Registration number: 07462040)
Balance Sheet as at 30 December 2020
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2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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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 |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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Global Support Services (UK) Ltd
(Registration number: 07462040)
Balance Sheet as at 30 December 2020
For the financial year ending 30 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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
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Director
Global Support Services (UK) Ltd
Notes to the Financial Statements for the Year Ended 30 December 2020
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General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
England
The company's registration number is:
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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.
Global Support Services (UK) Ltd
Notes to the Financial Statements for the Year Ended 30 December 2020
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:
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Asset class |
Depreciation method and rate |
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Plant & Machinery |
20% straight line |
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Fixtures & Fittings |
20% straight line |
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Motor Vehicles |
25% straight line |
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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.
Global Support Services (UK) Ltd
Notes to the Financial Statements for the Year Ended 30 December 2020
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Global Support Services (UK) Ltd
Notes to the Financial Statements for the Year Ended 30 December 2020
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Tangible assets |
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Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
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Cost or valuation |
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At 31 December 2019 |
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Additions |
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Disposals |
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At 30 December 2020 |
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Depreciation |
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At 31 December 2019 |
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Charge for the year |
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At 30 December 2020 |
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Carrying amount |
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At 30 December 2020 |
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At 30 December 2019 |
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Total |
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Cost or valuation |
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At 31 December 2019 |
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Additions |
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Disposals |
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At 30 December 2020 |
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Depreciation |
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At 31 December 2019 |
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Charge for the year |
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At 30 December 2020 |
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Carrying amount |
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At 30 December 2020 |
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At 30 December 2019 |
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The net book value of tangible fixed assets includes £37,917 (2019 - £56,875) in respect of assets held under hire purchase contracts.
Global Support Services (UK) Ltd
Notes to the Financial Statements for the Year Ended 30 December 2020
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Debtors |
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2020 |
2019 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2020 |
2019 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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Global Support Services (UK) Ltd
Notes to the Financial Statements for the Year Ended 30 December 2020
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Loans and borrowings |
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2020 |
2019 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2020 |
2019 |
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Not later than one year |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £