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Registered number: 03511288


GLOBE INTEGRATED SOLUTIONS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 
GLOBE INTEGRATED SOLUTIONS LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 7


 
GLOBE INTEGRATED SOLUTIONS LIMITED
REGISTERED NUMBER:03511288

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
50,382
55,867

Current assets
  

Stocks
  
4,443
4,443

Debtors: amounts falling due within one year
 5 
1,358,290
1,456,271

Cash at bank and in hand
  
757,345
551,322

  
2,120,078
2,012,036

Creditors: amounts falling due within one year
 6 
(689,216)
(707,737)

Net current assets
  
 
 
1,430,862
 
 
1,304,299

Total assets less current liabilities
  
1,481,244
1,360,166

Creditors: amounts falling due after more than one year
 7 
(4,924)
-

Provisions for liabilities
  

Deferred tax
  
(635)
(4,973)

Net assets
  
1,475,685
1,355,193


Capital and reserves
  

Called up share capital 
  
15,000
15,000

Share premium account
  
180,554
180,554

Profit and loss account
  
1,280,131
1,159,639

  
1,475,685
1,355,193


Page 1

 
GLOBE INTEGRATED SOLUTIONS LIMITED
REGISTERED NUMBER:03511288
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 October 2023.




P.E. Hillman
Director


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
GLOBE INTEGRATED SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Globe Integrated Solutions Limited is a private company limited by shares incorporated in England. The address of the registered office and principal place of business is Old Builders Yard, Barn Close, Stirchley, Birmingham, West Midlands B30 3AD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue 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 discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
GLOBE INTEGRATED SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following bases:

Plant & machinery
-
30% reducing balance
Motor vehicles
-
25% straight line
Fixtures & fittings
-
25% reducing balance
Office equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

Page 4

 
GLOBE INTEGRATED SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
GLOBE INTEGRATED SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 359 (2022 - 341).


4.


Tangible fixed assets





Plant & machinery
Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£
£



Cost


At 1 April 2022
390,726
177,614
38,403
29,533
636,276


Additions
3,295
14,900
-
583
18,778


Disposals
-
(13,706)
-
-
(13,706)



At 31 March 2023

394,021
178,808
38,403
30,116
641,348



Depreciation


At 1 April 2022
376,978
143,097
37,475
22,859
580,409


Charge for the year on owned assets
4,128
11,088
228
1,668
17,112


Charge for the year on financed assets
-
3,725
-
-
3,725


Disposals
-
(10,280)
-
-
(10,280)



At 31 March 2023

381,106
147,630
37,703
24,527
590,966



Net book value



At 31 March 2023
12,915
31,178
700
5,589
50,382



At 31 March 2022
13,748
34,517
928
6,674
55,867


5.


Debtors

2023
2022
£
£


Trade debtors
1,343,945
1,441,410

Prepayments and accrued income
14,345
14,861

1,358,290
1,456,271


Page 6

 
GLOBE INTEGRATED SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
137,096
136,047

Amounts owed to group undertakings
2,655
2,553

Corporation tax
72,417
74,483

Other taxation and social security
302,857
320,508

Obligations under hire purchase contracts - secured on related assets
4,863
2,027

Other creditors
22,830
54,883

Accruals and deferred income
146,498
117,236

689,216
707,737



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Obligations under hire purchase contracts - secured on related assets
4,924
-



8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £74,286 (2022: £77,694) Contributions totalling £20,160 (2022: £9,902) were payable to the fund at the balance sheet date.


9.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
-
415

 
Page 7