Registered number
07798344
Globalsave Ltd
Unaudited Filleted Accounts
31 October 2023
Globalsave Ltd
Registered number: 07798344
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 160 214
Current assets
Debtors 4 53 125
Cash at bank and in hand 2,435 3,732
2,488 3,857
Creditors: amounts falling due within one year 5 (1,895) (1,040)
Net current assets 593 2,817
Net assets 753 3,031
Capital and reserves
Called up share capital 3 3
Profit and loss account 750 3,028
Shareholder's funds 753 3,031
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
J Halderthay
Director
Approved by the board on 5 April 2024
Globalsave Ltd
Notes to the Accounts
for the year ended 31 October 2023
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).
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 over 5 years
Fixtures, fittings, tools and equipment over 5 years
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 3,368
At 31 October 2023 3,368
Depreciation
At 1 November 2022 3,154
Charge for the year 54
At 31 October 2023 3,208
Net book value
At 31 October 2023 160
At 31 October 2022 214
4 Debtors 2023 2022
£ £
Other debtors 53 125
5 Creditors: amounts falling due within one year 2023 2022
£ £
Best Electric Ltd 1,215 360
Other creditors 680 680
1,895 1,040
6 Related party transactions
J A Halderthay is a director of Best Electric Ltd. At the balance sheet date the amount due to Best Electric Ltd was £1215 (2022 £360).
7 Other information
Globalsave Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Building C
Knaresborough Technology Park
Manse Lane
Knaresborough
HG5 8LF
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