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Company No: 00708499 (England and Wales)

GLOBE PROPERTIES (BRISTOL) LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

GLOBE PROPERTIES (BRISTOL) LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

GLOBE PROPERTIES (BRISTOL) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
GLOBE PROPERTIES (BRISTOL) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 760 894
Investment property 4 732,885 732,885
733,645 733,779
Current assets
Debtors 5 1,684 2,802
Cash at bank and in hand 7,537 10,667
9,221 13,469
Creditors: amounts falling due within one year 6 ( 37,053) ( 55,981)
Net current liabilities (27,832) (42,512)
Total assets less current liabilities 705,813 691,267
Creditors: amounts falling due after more than one year 7 0 ( 1,424)
Net assets 705,813 689,843
Capital and reserves
Called-up share capital 8 19,000 19,000
Profit and loss account 686,813 670,843
Total shareholders' funds 705,813 689,843

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Globe Properties (Bristol) Limited (registered number: 00708499) were approved and authorised for issue by the Director on 20 September 2024. They were signed on its behalf by:

S W Payne
Director
GLOBE PROPERTIES (BRISTOL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
GLOBE PROPERTIES (BRISTOL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Globe Properties (Bristol) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 65/75 Church Road, Redfield, Bristol, BS5 9JR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line/reducing balance] basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 3

3. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 July 2023 10,388 2,988 13,376
At 30 June 2024 10,388 2,988 13,376
Accumulated depreciation
At 01 July 2023 10,088 2,394 12,482
Charge for the financial year 45 89 134
At 30 June 2024 10,133 2,483 12,616
Net book value
At 30 June 2024 255 505 760
At 30 June 2023 300 594 894

4. Investment property

Investment property
£
Valuation
As at 01 July 2023 732,885
As at 30 June 2024 732,885

Split between Freehold and Leasehold property

5. Debtors

2024 2023
£ £
Prepayments 995 868
Other debtors 689 1,934
1,684 2,802

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 7,232
Trade creditors 763 584
Amounts owed to director 30,000 42,000
Accruals 2,900 3,180
Taxation and social security 2,701 396
Other creditors 689 2,589
37,053 55,981

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 0 1,424

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
19,000 Ordinary shares of £ 1.00 each 19,000 19,000

9. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts owed to the directors 30,000 42,000