Company Registration No. 11179499 (England and Wales)
Eglobe Ltd
Unaudited accounts
for the year ended 31 January 2023
Eglobe Ltd
Unaudited accounts
Contents
Eglobe Ltd
Company Information
for the year ended 31 January 2023
Director
Przemyslaw Jan Niewczas
Company Number
11179499 (England and Wales)
Registered Office
Unit 3, Logistics City Fulcrum 6
Solent Way
Whiteley, Fareham
PO15 7QQ
United Kingdom
Accountants
TBT Accountancy Ltd
Westgate Chambers
Staple Gardens
Winchester
Hampshire
SO23 8SR
Eglobe Ltd
Statement of financial position
as at 31 January 2023
Tangible assets
34,533
45,414
Inventories
900,000
450,000
Cash at bank and in hand
3,405
19,470
Creditors: amounts falling due within one year
(365,106)
(328,825)
Net current assets
660,841
265,398
Total assets less current liabilities
695,374
310,812
Creditors: amounts falling due after more than one year
(9,042)
(12,541)
Provisions for liabilities
Deferred tax
(6,561)
(8,628)
Net assets
679,771
289,643
Called up share capital
1
1
Profit and loss account
679,770
289,642
Shareholders' funds
679,771
289,643
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 9 October 2023 and were signed on its behalf by
Przemyslaw Jan Niewczas
Director
Company Registration No. 11179499
Eglobe Ltd
Notes to the Accounts
for the year ended 31 January 2023
Eglobe Ltd is a private company, limited by shares, registered in England and Wales, registration number 11179499. The registered office is Unit 3, Logistics City Fulcrum 6, Solent Way, Whiteley, Fareham, PO15 7QQ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discount, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably
- it is probably that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
5 years on a reducing balance basis
Motor vehicles
4 years on a reducing balance basis
Computer equipment
3 years on a reducing balance basis
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Eglobe Ltd
Notes to the Accounts
for the year ended 31 January 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 February 2022
42,615
18,295
-
60,910
Additions
895
-
3,552
4,447
Disposals
(5,505)
(2,300)
-
(7,805)
At 31 January 2023
38,005
15,995
3,552
57,552
At 1 February 2022
10,491
5,005
-
15,496
Charge for the year
5,503
2,999
1,184
9,686
On disposals
(1,157)
(1,006)
-
(2,163)
At 31 January 2023
14,837
6,998
1,184
23,019
At 31 January 2023
23,168
8,997
2,368
34,533
At 31 January 2022
32,124
13,290
-
45,414
Eglobe Ltd
Notes to the Accounts
for the year ended 31 January 2023
Amounts falling due within one year
Accrued income and prepayments
17,801
6,227
Other debtors
46,526
58,330
Amounts falling due after more than one year
Other debtors
55,925
58,096
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
104,554
90,853
Trade creditors
17,864
4,398
Taxes and social security
102,978
46,740
Other creditors
12,816
3,503
Deferred income
7,000
130,000
7
Creditors: amounts falling due after more than one year
2023
2022
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's loan account
46,433
90,759
90,667
46,525
46,433
90,759
90,667
46,525
The director's loan is repayable on demand and is charged at a rate of 2%.
9
Average number of employees
During the year the average number of employees was 2 (2022: 2).