Caseware UK (AP4) 2022.0.179 2022.0.179 2024-01-312024-01-31false22023-02-01falseRental property2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC484911 2023-02-01 2024-01-31 SC484911 2022-02-01 2023-01-31 SC484911 2024-01-31 SC484911 2023-01-31 SC484911 c:Director1 2023-02-01 2024-01-31 SC484911 c:Director2 2023-02-01 2024-01-31 SC484911 c:RegisteredOffice 2023-02-01 2024-01-31 SC484911 d:FurnitureFittings 2023-02-01 2024-01-31 SC484911 d:FurnitureFittings 2024-01-31 SC484911 d:FurnitureFittings 2023-01-31 SC484911 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 SC484911 d:FreeholdInvestmentProperty 2024-01-31 SC484911 d:FreeholdInvestmentProperty 2023-01-31 SC484911 d:CurrentFinancialInstruments 2024-01-31 SC484911 d:CurrentFinancialInstruments 2023-01-31 SC484911 d:Non-currentFinancialInstruments 2024-01-31 SC484911 d:Non-currentFinancialInstruments 2023-01-31 SC484911 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 SC484911 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 SC484911 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 SC484911 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 SC484911 d:ShareCapital 2024-01-31 SC484911 d:ShareCapital 2023-01-31 SC484911 d:RetainedEarningsAccumulatedLosses 2024-01-31 SC484911 d:RetainedEarningsAccumulatedLosses 2023-01-31 SC484911 c:FRS102 2023-02-01 2024-01-31 SC484911 c:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC484911 c:FullAccounts 2023-02-01 2024-01-31 SC484911 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC484911 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure
Registered number: SC484911










GLOBE ACCOMMODATION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

 
GLOBE ACCOMMODATION LIMITED
 

COMPANY INFORMATION


DIRECTORS
Mr I A Anderson 
Mrs R S Anderson 




REGISTERED NUMBER
SC484911



REGISTERED OFFICE
Westby
64 West High Street

Forfar

Angus

DD8 1BJ




ACCOUNTANTS
EQ Accountants Limited
Chartered Accountants

14 City Quay

Dundee

DD1 3JA





 
GLOBE ACCOMMODATION LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GLOBE ACCOMMODATION LIMITED
FOR THE YEAR ENDED 31 JANUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Globe Accommodation Limited for the year ended 31 January 2024 which comprise the Statement of financial position and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Globe Accommodation Limited, as a body, in accordance with the terms of our engagement letter dated 16 April 2024Our work has been undertaken solely to prepare for your approval the financial statements of Globe Accommodation Limited and state those matters that we have agreed to state to the Board of directors of Globe Accommodation Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Globe Accommodation Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Globe Accommodation Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Globe Accommodation Limited. You consider that Globe Accommodation Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Globe Accommodation Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



EQ Accountants Limited
 
Chartered Accountants
  
14 City Quay
Dundee
DD1 3JA
17 April 2024
Page 1

 
GLOBE ACCOMMODATION LIMITED
REGISTERED NUMBER: SC484911

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 3 
990
1,321

Investment property
 4 
272,578
272,578

  
273,568
273,899

Current assets
  

Cash at bank and in hand
  
-
6,144

  
-
6,144

Creditors: amounts falling due within one year
 5 
(128,882)
(88,434)

Net current liabilities
  
 
 
(128,882)
 
 
(82,290)

Total assets less current liabilities
  
144,686
191,609

Creditors: amounts falling due after more than one year
 6 
(122,641)
(131,232)

  

Net assets
  
22,045
60,377


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
21,945
60,277

  
22,045
60,377

Page 2

 
GLOBE ACCOMMODATION LIMITED
REGISTERED NUMBER: SC484911

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2024

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 16 April 2024.




Mr I A Anderson
Director

The notes on pages 4 to 7 form part of these financial statements.
Page 3

 
GLOBE ACCOMMODATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


GENERAL INFORMATION

Globe Accommodation Limited is a private company, limited by shares, incorporated in Scotland with
registration number SC484911. The registered office is Westby, 64 West High Street, Forfar, Angus, United Kingdom. The principle place of activity is 49-53 Commercial Road, Lerwick, Shetland, ZE1 0NJ.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

  
2.2

TURNOVER

Turnover comprises of rental income from the lease of residential property.

 
2.3

TAXATION

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 reporting date in the countries where the Company operates and generates income.

 
2.4

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.

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 basis:

Fixtures and fittings
-
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.

Page 4

 
GLOBE ACCOMMODATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

 
2.6

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.7

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 at an annual general meeting.


3.


TANGIBLE FIXED ASSETS





Fixtures and fittings

£



Cost or valuation


At 1 February 2023
13,221



At 31 January 2024

13,221



Depreciation


At 1 February 2023
11,900


Charge for the year on owned assets
331



At 31 January 2024

12,231



Net book value



At 31 January 2024
990



At 31 January 2023
1,321

Page 5

 
GLOBE ACCOMMODATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


INVESTMENT PROPERTY


Investment property

£



Valuation


At 1 February 2023
272,578



At 31 January 2024
272,578

The 2024 valuations were made by the directors, on an open market value for existing use basis.





5.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
31,031
-

Trade creditors
617
1,067

Accruals and deferred income
2,560
11,171

Other taxation and social security
2,814
7,079

Bank loans
9,494
10,396

Amounts owed to group undertakings
82,366
58,721

128,882
88,434


The following liabilities were secured:

2024
2023
£
£



Bank term loan
9,494
10,396

9,494
10,396

Details of security provided:

The company granted a standard security in favour of the Royal Bank of Scotland PLC over the all and whole first and second floor properties located at 120 and 122 St Olaf Street, Lerwick, Shetland, ZE1 0ES.
The company granted a floating charge in favour of the Royal Bank of Scotland PLC over the all its property, undertaking, assets, right owned now and in the future.

Page 6

 
GLOBE ACCOMMODATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


CREDITORS: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
122,641
131,232

122,641
131,232


The following liabilities were secured:

2024
2023
£
£



Bank term loan
122,641
131,232

122,641
131,232

Details of security provided:

The company granted a standard security in favour of the Royal Bank of Scotland PLC over the all and whole first and second floor properties located at 120 and 122 St Olaf Street, Lerwick, Shetland, ZE1 0ES.
The company granted a floating charge in favour of the Royal Bank of Scotland PLC over the all its property, undertaking, assets, right owned now and in the future.


Page 7