Company registration number 01669883 (England and Wales)
GLOBE GROUP HOLDINGS LTD (FORMERLY KNOWN AS ROTOR SCAFFOLDING SERVICES LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
GLOBE GROUP HOLDINGS LTD (FORMERLY KNOWN AS ROTOR SCAFFOLDING SERVICES LIMITED)
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
427,980
Current assets
Debtors
4
103,404
12,000
Cash at bank and in hand
1,903
607
105,307
12,607
Creditors: amounts falling due within one year
5
(514,218)
(5,962)
Net current (liabilities)/assets
(408,911)
6,645
Net assets
19,069
6,645
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
18,069
5,645
Total equity
19,069
6,645
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 March 2024 and are signed on its behalf by:
R Marsden
Director
Company registration number 01669883 (England and Wales)
GLOBE GROUP HOLDINGS LTD (FORMERLY KNOWN AS ROTOR SCAFFOLDING SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Globe Group Holdings Ltd (formerly known as Rotor Scaffolding Services Limited) is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 73-75 High Street, Stevenage, Hertfordshire, SG1 3HR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover from services is recognised in the same period within which the services are performed.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
GLOBE GROUP HOLDINGS LTD (FORMERLY KNOWN AS ROTOR SCAFFOLDING SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons employed by the company during the year was:
2023
2022
Number
Number
Total
3
2
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
427,980
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022
-
Additions
427,980
At 31 March 2023
427,980
Carrying amount
At 31 March 2023
427,980
At 31 March 2022
-
GLOBE GROUP HOLDINGS LTD (FORMERLY KNOWN AS ROTOR SCAFFOLDING SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
103,404
12,000
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,580
2,714
Amounts owed to group undertakings
427,980
Taxation and social security
30,924
1,548
Other creditors
48,734
1,700
514,218
5,962
6
Financial commitments, guarantees and contingent liabilities
At the balance sheet date the company has arranged a facility to borrow funds from its parent company, subject to a fixed and floating charge held over the assets of the company.