Globe Motors Limited
Registered number: 05361040
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 290,184 188,709
Current assets
Stocks 2,153 2,153
Debtors 4 20,836 17,466
Cash at bank and in hand 182,942 233,099
205,931 252,718
Creditors: amounts falling due within one year 5 (68,589) (61,827)
Net current assets 137,342 190,891
Total assets less current liabilities 427,526 379,600
Creditors: amounts falling due after more than one year 6 (76,795) (68,424)
Net assets 350,731 311,176
Capital and reserves
Called up share capital 3 3
Profit and loss account 350,728 311,173
Shareholders' funds 350,731 311,176
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T Wade
Director
Approved by the board on 27 March 2024
Globe Motors Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Fixtures 20% reducing balance
Office Equipment 25% reducing balance
Motor 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 145,000 46,264 72,576 263,840
Additions 80,000 - 81,723 161,723
Disposals - - (68,526) (68,526)
At 29 February 2024 225,000 46,264 85,773 357,037
Depreciation
At 1 March 2023 - 41,802 33,329 75,131
Charge for the year - 1,111 20,591 21,702
On disposals - - (29,980) (29,980)
At 29 February 2024 - 42,913 23,940 66,853
Net book value
At 29 February 2024 225,000 3,351 61,833 290,184
At 28 February 2023 145,000 4,462 39,247 188,709
4 Debtors 2024 2023
£ £
Trade debtors 9,976 5,982
Other debtors 10,860 11,484
20,836 17,466
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 22,541 19,460
Corporation tax 29,324 26,769
Other taxes and social security costs 15,989 14,881
Other creditors 735 717
68,589 61,827
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 17,878 25,889
Obligations under finance lease and hire purchase contracts 58,917 42,535
76,795 68,424
7 Other information
Globe Motors Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2 – Mandale
South Street
Keighley
BD21 1DB
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